The information technology park would be constructed in the Chak Shahzad area of Islamabad at a cost of $88.383 million (Rs 9.2 billion) including loan of $76.3 million from Korean Exim Bank under the Economic Development Co-operation Framework (EDCF) arrangement. It may be mentioned that EDCF arrangement worth $500 million was signed with Korea in October 2015.
The IT park would be spread over an area of 45 acres, and provide half a million sq ft of office space for 5,000 knowledge workers. It would house an incubation center for start ups, a data center, and allied facilities in day care centers, gyms, and sports facilities.
Finance Minister Ishaq Dar welcomed the signing of the agreement and said it was the first multi-purpose IT Park being built in Pakistan. It would provide conducive environment where IT companies would be able to work together and leverage each other's expertise. The park, he said, would not only attract investment but also help generate IT exports. Dar thanked the Korean Government for their continued support. He invited Korean Exim Bank to have representative office in Pakistan which he said would facilitate better co-ordination between the Bank, EAD and other executing agencies.
Speaking on the occasion Anusha Rehman said that the IT Park is a major step towards realising the goal of digital Pakistan as envisioned by Prime Minister Nawaz Sharif. She said that it would provide a complete ecosystem for promotion of IT in the country in combination with other IT and telecom initiatives being carried on by the Ministry of IT.
Executive Director of Korean Exim Bank, Younghoon Chang on the occasion said he felt greatly honoured attending the signing ceremony. Pakistan was making headway in the field of IT. Pakistan's digital landscape would be further expanded through the new IT Park. He said the project would benefit the whole of Pakistan. Younghoon added that Korean Exim Bank would continue to partner Pakistan in its socio-economic development. Korean ambassador in Pakistan, Dr Dong-gu Suh, senior officials from the bank, Ministry of Finance, Ministry of IT, Pakistan Software Export Board (PSEB), and Economic Affairs Division (EAD) were also present at the ceremony.-PR
Copyright Business Recorder, 2017