After missing technology booms that benefited other countries, now Pakistan is aiming to expand its IT industry within two years by establishing dedicated Tech Zones around the country.
Government plans to build up dozens of technology zones next year, said Amer Hashmi, who is the head of the government’s science and technology zone authority. He said that it is providing a ten-year exemption on corporate taxes and the import of all necessary equipment or building materials needed for the areas, that would provide Pakistan’s IT industry with a ‘catapult push’ that may double its size in two years to as much as $6 billion.
Government Aims to Boost Pakistan’s IT Industry within Next Two Years
In January, the government allocated 150 acres of land to the Special Technological Zone Authority (STZA) for the purpose of creating a special zone for technological improvement in Islamabad. The STZA Chairman, Amer Hashmi, revealed in an interview that the authority is keenly working on setting- up Special Technology Zones around the country, including Islamabad, Lahore, Karachi, Quetta, and Haripur.
Govt aims to boost the IT industry by establishing technology zones in Pakistan and creating jobs for young people. A flow of foreign capital into start-ups that started during the pandemic, including fintech and e-commerce, is also increasing the need for specific areas to support those businesses.
Unfortunately, Authority had to deal with those who ask for bribes or faced delays in establishing their own fiber network and data centers. Mr. Hashmi who quit his job with international business machines Corp. in Canada and moved back to Pakistan to create a technology firm, more added that the new areas are not going to have such problems and will be a plug-and-play model.
Cash-strapped Pakistan has also taken similar initiatives many times in the past. In 2006, it intended to spend $1 billion in the development of dozens of software parks, unfortunately, failed to fulfill its task. This time, efforts by the government will attract worldwide investment in order to secure the development of the project. So, we hope to see Pakistan many steps ahead in the IT industry in the coming years.