National Assembly has passed Special Technology Zone Authority Act, 2021, announcing the approval of the bill regarding the development of the scientific and technological ecosystem. With the goal of attracting FDI in Pakistan, the development of tech Zones will be beneficial for the overall ecosystem.
Under this act, the government wants to provide institutional and legislative support to the tech sector by structuring competitive and export-oriented ideas. This act will not only increase FDI but will also create more jobs in the technology sector giving more power to the youth.
Special Technology Zone Authority Act- Here’s What you Need to Know
By building an investment-friendly environment, the quality of domestic technology products will be improved which will in turn foster innovation.
The document also reveals the creation of the Special Technology Zones Authority (STZA) consisting of a chairperson along with eight members. This authority will be responsible for planning, policy formulation, execution, monitoring, and evaluation of zones. Moreover, it also has the authority to approving zones in accordance with rules or regulations.
Furthermore, the prime minister will be the president of the authority’s board of directors. This board will consist of 25 independent members who would be appointed for four years by the federal government.
No doubt, the government is investing time and money when it comes to the IT sector. This is evident that this initiative is also a part of PM’s dream of digital Pakistan. We need more such initiatives and acts that not only bring foreign investment to the country but also created more jobs for the youth in this sector.