The Federal government has ordered the establishment of the first Information Technology (IT) Park in Karachi. This project is part of the government strategy to develop IT zones and software parks in the country. It aims to promote innovation, digitization, and research & development entrepreneurship in the country. The park includes a building that covers an area of 106,449 square meters with eight floors above the ground and three basement floors.
The Technology Park project will provide 5000 jobs to the youth, promoting the growth of the IT industry. It will offer a platform to the industry and local universities to establish synergies. The setting up of the IT park will attract international business collaboration and global IT companies as investors, increasing the export revenue of the IT industry.
Pakistan has more than 2000 IT companies and the number is increasing every year. Digital growth in the country is going through rapid evolution as IT exports have increased 70% during the last three years. It contributes about 1% to the country’s GDP at about 3.5 billion USD. Pakistan’s software exports are currently worth $7 billion, according to the State Bank of Pakistan (SBP). The Government of Pakistan is very enthusiastic for the advancement and development of the IT industry. Recently, an agreement has been signed between Pakistan’s Ministry of Technology and Korea to establish a technology park in Islamabad. Under Pakistan Vision 2025, the size of the IT industry is targeted to reach $20 billion by 2025.