The South Korean Exim Bank has started the feasibility study on Islamabad’s first IT Park, said Anusha Rahman, Minister of State for IT. She said that it will be a state-of-the-art IT Park and that the contract signing and ground breaking ceremony for the project will held early next year. The land owned by PSEB has already been allocated for the IT Park, she added.
The partnership between the investor, Exim bank, and the Pakistan government has been ongoing for a year now but there still hasn’t been any real progress on the project. The government announced in May this year that the bank had been allowed to start feasibility study on the project and that the final report was expected sometime in August. The study was stated to begin in January initially but got delayed due to unstated reasons.
Exim Bank is investing $50 million for the IT Park in the capital, which will spread over 45 acres and promote the IT industry
Exim Bank is investing $50 million for the IT Park in the capital. The IT Park will spread over an area of 45 acres and is expected to promote the IT industry, local software experts and attract international companies to the local market. The project is said to help Pakistan increase its IT exports by an estimated $120 million.
Anusha Rahman was addressing a workshop aiming to facilitate IT start-ups and entrepreneurs when she made the statement. She said that Tech City and other similar tech incubation projects will provide a proper environment for start-ups and new entrepreneurs entering the market. She added that the government is fully committed to make the local IT and Telecommunications sector amongst the fastest growing in the region.
She quoted the State Bank of Pakistan, saying that IT remittances have increased by 41 percent over the previous year and that IT exports are now valued at 10 percent of Pakistan’s total services exports. Anusha Rahman said that the IT ministry and PSEB are working to increase IT exports to $5 billion by 2017, up from $2 billion at present.
IT remittances have increased by 41 percent over the previous year and that IT exports are now valued at 10 percent of Pakistan’s total services exports
The minister emphasized that IT companies and enterprises should report their financial settlements though the proper banking channels so that the PSEB can accurately calculate the overall IT exports of Pakistan.
MD PSEB Asim Shehryar Hussain, who was also present at the workshop, focused on informing the attendants about PSEB’s contributions in the industry so far and what they have planned for the future. The second day of the workshop will feature start-ups presenting their business plans and executives from large IT companies will speak about their success in the industry.