Special Technology Zone Launched in Lahore

Posted by: IIPS Category: Daily Insights Tags: Comments: 0

Prime minister Imran Khan has launched a Special Technology Zone in Lahore. A memorandum of understanding (MoU) has been signed for the construction of these zones worth $300 million. This initiative aims to develop the technology sector and enhance tech exports. This project will promote innovation, digitisation, and research & development in the country.

The STZ, Technopolis, serves as a lifeline of the IT sector that is heavily involved in the manufacturing of high-tech products. The Government took an initiative to develop Special Technology Zones (STZs) across the country which will become a home for technology parks, research & development centres of global tech companies, and software houses. STZs will provide incentives to attract investors, builders, and technology companies to partner with the government, and provide one-window facilitation to local and international companies.

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. They contribute 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 about the advancement and development of the IT industry. Recently, an agreement has been signed by Pakistan’s Ministry of Technology to establish a technology park in Karachi. Under Pakistan Vision 2025, the size of the IT industry is targeted to reach $20 billion by 2025.

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IMARAT Institute of Policy Studies

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