Korea Investing $50 Million to Build IT Park in Islamabad

The first stage of Pakistan’s IT Park, Islamabad has been approved by The Executive Committee of National Economic Council (ECNEC). The Korean Exim Bank came forward as financier who would not only help the construction of IT Park with a total of $50 million but also it will provide easy loans so that there is no hindrance in the work.

During an ECNEC meeting the State Minister has been reported to have said,

“Work on the IT Parks in Lahore and Karachi would be started soon.”

The proposed land is located in Chak Shazad, Islamabad.  Of which 45 acres of land has been leased by PSEB. The IT Park Islamabad aims to develop and ensure the operation of IT industry in Pakistan.

Land for IT Park in Chak Shahzad, Islamabad

According to a survey that was conducted in 2004 IT Industry was a major concern for Pakistan.

The Phase 1 of IT Park Includes

Phase-1:

• Construction of buildings having approximately 1, 000, 00-1, 500,000 square feet of covered area 15 acres of land.
• About 120-150 IT companies would be hosted initially
• Infrastructure development and establishment cost Rs 10.7  billion
• Broadband conductivity, power backups, transportation etc
• Business facilities and opportunities

A loan agreement between Exim Bank and Government of Pakistan for the project is expected to be signed soon.

Anusha Rehman said,

“That it is the vision of the government to launch state-of-the-art IT parks in Pakistan to change the dynamics of the IT industry of Pakistan. Pakistan has a lot of IT talent and potential but that potential has not been utilized fully on a global scale because of lack of proper infrastructure for the IT industry at present. Government’s focus is to provide an enabling environment through infrastructure such as IT parks to IT entrepreneurs and IT companies so that they can grow and nurture their business and products to their true potential both locally and globally.”

She also added,

“Vision behind the IT parks is that they would act as complete ecosystem with office space, incubators, accommodation for foreign visitors, gymnasium, lakes, biking trails, and not just raw office space.”

The Minister finally said,

“An IT park Islamabad should be a seat of learning and technology where there is exchange of knowledge and information between professionals and students”