The Xinjiang No. 13 Division of Construction Corp, Hami, China has been given a “Go Ahead” to finalize the land identified in consultation with all stakeholders and to complete the other formalities for the establishment of Science and Technology Park in Pakistan.
Official sources directly connected with the project revealed that the Xinjiang No. 13 Division has requested the provision of a digital map of land and city of Islamabad so that the work on plan and feasibility study could be started. In a few days, they will provide the name and details of the component companies in the joint venture from Chinese side.
China has agreed to establish Pak-China international science and technology & commercial and logistic park in Pakistan with an investment outlay to the tune of $1.5 billion under the China-Pakistan Economic Corridor (CPEC).
Construction area for Pak-China International Science, Technology, Commercial & Logistic Park is 10,000 kanals and will cost $1.5 billion
The planned construction area would be in the range of 500 hectares and project would be completed in a time period of 10 years spread over 3 distinct phases of 3, 4 and 3 years respectively.
The investment framework constitutes equity participation through providing land by the Pakistani side, while rest of the financing coming from China. The venture shall be of co-ownership between the Pakistani side and the Chinese counterparts. Chinese partners shall attract merchants and project investment.
During this period, the project envisages employment generation of up to 150,000 personnel.
The project has two parts:
- Establishment of Science and Technology City
- Establishment of Commercial and Logistics Park
Science and Technology City would be undertaken by COMSATS Institute of Information Technology (CIIT) in collaboration with Chinese companies. The Chinese side has also agreed to establish commercial and logistic park which is proposed to be co-owned by National Logistics Cell (NLC) from Pakistan side.
Science and Technology City will be undertaken by COMSATS Institute of Information Technology (CIIT) in collaboration with Chinese companies
The key functions of the Science & Technology Park are:
- To provide an exhibition and developmental platform for academia and industry (local and international)
- To develop knowledge-based enterprises by undertaking research based routes to the development and commercialization of ideas and technologies
- To act as a knowledge provider by establishing university research and education infrastructure, applied research laboratory facilities by public bodies at the Technology Park
- To be a dynamic business and trading platform for local and international industries
- To showcase Pak-China commodities in order to provide impetus to the existing collaborative ventures while simultaneously encouraging new linkages
- To act as a wholesale and retail market
- To provide Financial support services such as through establishing venture capital entities, regional development agencies and/or banks at the Technology Park
- To provide modern e-commerce platform keeping up with latest global trends
- To act as an investment and financing platform for novel startups and technologies
- To set-up Business Incubators and Business Development Centers, both for male and female entrepreneurs alike.
The proposed Technology Park would be established primarily as a real-estate development entity co-owned by the government of Pakistan/COMSATS Institute of Information Technology and manned by the qualified professionals.
It seeks to encourage innovation, entrepreneurship, promote S&T ventures, provide interface to academia and industry thus spurring competitiveness of the geographic environs through co-locating knowledge producing, knowledge adapting and knowledge-using enterprises.
The positive externalities behind the Pak-China IT Park include increased economic activity through investment and job creation, capability enhancement, improving visibility of knowledge ventures, and stimulating knowledge workers mobility, etc.