The IT sector of Pakistan has done a remarkably splendid job in the last 10 to 15 years. Due to the sudden boost of IT sector growth, the government also realized that it has a much greater potential than it was thought before. Over the years, Pakistan stood for it and started using resources for the rapid development of the IT sector. However, the starting years were challenging as the government was preoccupied with significant national developments. But according to a recent survey, the IT overall business has crossed 3.3 billion in 2018 as per the Pakistan Software Export Boards (PSEB).
Islamabad Special Technology Zone
On 23rd April 2021, the government decided to take the IT sector a step forward by initiating the work to establish a Special Technology Zone (STZ), mandated by Special Technology Zones Authority. Its job is to provide legislative and institutional Support to encourage investments and high-tech business in the technology zones in Pakistan.
The zone will develop a campus of the very energy-efficient cluster of buildings spread around 250,000 sq. ft. The initial investment is to be done of around 2 million USD. But this would create highly skilled jobs that can generate about 100 million USD in the next five years.
Impact on World
As earlier mentioned, the IT industry of Pakistan has the most potential to bring the nation to a higher economic and industrial level. With this technology zone, Pakistan can achieve the Fourth Industrial Revolution in the IT field.
The government has approved the new Special Technology Zone Rules (2021). The chairman of STZA, Amer Hashmi, has stated that the tech park would accommodate local and foreign technology with Pakistani tech hubs, startups, etc. that would materialize up to 50 million USD initially. He added that STZA would ensure that this project will encourage high-end technology and entrepreneurship.