Korea will be investing $50 million (5 billion rupees) to establish an IT Park in Islamabad. The Sub-Committee of the National Assembly Standing Committee on Information Technology and Telecommunication met under the chairman ship of Amjad Ali Khan on Wednesday where they were informed about the latest development by officials of the IT ministry. The IT Park will focus on enhancing the business ties between the two countries as well as promote entrepreneurship in Pakistan.
The IT Park will provide a whole ecosystem for startups and entrepreneurs including affordable office space, uninterrupted power and internet. After Islamabad, two more parks will be established in the premises of Quaid-e-Azam International Airport in Karachi and in Lahore Knowledge Park.
The IT Park in Islamabad is a result of collaboration between Pakistan Software Export Board (PSEB) and Korea Exim Bank. The bank has already started working on feasibility reports while the loan agreement between two entities is expected to go through later this year. The new technology park will be a much needed addition to 12 software technology parks already established in Islamabad, Lahore, and Karachi by PSEB.
Another science, technology, commerce and logistics park is to be established in Islamabad with $1.5 billion funding from China. This comprehensive project is part of the China-Pakistan Economic Corridor (CPEC) for which Pakistan will be providing 500 hectares of land.