Korea to invest $50 million for establishing IT park in Islamabad

Korea will be investing $50 million for establishing an IT park in Islamabad. The IT Park will focus on uplifting the entrepreneurial spirit of Pakistan, and bolster the business ties between the two countries.

The Sub-Committee of the National Assembly Standing Committee on Information Technology and Telecommunication, which sat under the chairmanship of Convener Amjad Ali Khan, was informed about establishments of IT Park in Islamabad, this Wednesday.

The committee was told that a $ 1.5 Billion worth of science, technology, commerce and logistics park will also be established with the Chinese collaboration in Islamabad. Following the establishment of IT Park in Islamabad, two such IT Parks will also be established in Lahore and Karachi. One such IT Park will be established in Lahore Knowledge Park while IT Park in Karachi will be established in the close vicinity of Quaid-e-Azam International Airport Karachi.

Korea agreed to establish an IT Park in Islamabad as a result of the collaboration between Pakistan Software Export Board (PSEB) and Korea Exim Bank. Korea Exim Bank had started developing a feasibility study while the corresponding loan agreement is expected to be signed by the end of this year. PSEB already has 12 Software Technology Parks in Islamabad, Lahore, and Karachi.

The Park which is to be established by China is a major project from China-Pakistan Economic Corridor (CPEC) and will be a comprehensive science, technology, commerce and logistics park. The project cost is expected to be around $1.5 Billion and will be funded by China. Pakistan, however, will provide a land spanning over 500 hectares for the establishment.

The IT Parks have proved to be monumental in nourishing entrepreneurial spirit. It provides the basic and necessary ecosystem to develop startups. US also plans to establish IT Park in Hyderabad.

Source — Pakistan Today, Image —MB Estate