A Special Technology Zones (STZ) is a knowledge ecosystem based on the triple helix model of innovation, in which the government provides special incentives to encourage the development, promotion, and spread of cutting-edge technology.
According to the chairman, the country might create $5 billion in revenue in two to three years by establishing 16 parks in a year.
“The Special Technology Zones Authority came into being in October 2021 under an Act of Parliament and was being run under the Cabinet Division,” he told the journalists.
The government encourages and supports businesses in order to help them grow, create money, and provide opportunity for others. People and technology companies from all over the world are drawn to these ecosystems. The Zones gradually spread beyond their initial bounds, forming townships and eventually cities.
Pakistan’s IT sector was already booming. Pakistan is the second-highest rated country in South Asia for ease of doing business, ranks in the top ten for expedited business climate transformation, and has had a 70% increase in IT exports in the previous three years, according to STZA. The addition of specific technological zones only serves to pique people’s attention.
From the 2000s forward, a new trend emerged in which private companies created entire zones, such as the Samsung Digital City and the LG Science City (both in South Korea).