The government has decided to build an information technology (IT) park at Jinnah International Airport in Karachi’s commercial and business center at a cost of Rs 31 billion, officials say.
The government is focusing on increasing IT sector growth to increase exports. It is against the previous practices when excessive reliance was placed on exports from traditional sectors such as textiles.
The total cost of the project is suspected Rs 31 billion. The government will provide around Rs 26 billion in foreign loans to complete the project. It will cover the remaining 15% of the cost of the federal Public Sector Development Program (PSDP).
The South Korean government offered to finance the IT park project, including providing technical expertise.
South Korea is expected to provide 85% of the financing for the project, which equates to around Rs 26.4 billion, calculated at the rate of Rs 170 to the dollar.
The IT park will house around 210 IT companies with 8,400 employees. The project includes a multi-story office building.
The Pakistan Software Export Board (PSEB) would act as the executing agency for the project and complete it within six years. They stated that the IT park will have an area of 106,449 square meters with eight floors above ground and three basements.
Korean consultants and the PSEB conducted a feasibility study including a detailed survey for IT park demand analysis.
The IT park in Karachi will improve the provision of workspace and allied infrastructure for IT companies and IT-enabled services (ITeS) and promote the growth of the IT industry.
In addition, the government is also installing IT parks in other cities, notably Islamabad, in an attempt to boost the IT sector. IT is the only sector that offers great job opportunities.