ISLAMABAD: Pakistan has established four new special technology zone that can house up to 50,000 professionals and have an annual export potential of $350 million, the Special Technology Zones Authority (STZA) said on Friday.
The newly designated zones include the Mindbridge Special Technology Zone in Lahore, Capital Smart Technology Zone in Rawalpindi, and NUST Special Technology Zone and Tech7 Special Technology Zone in Islamabad, according to the STZA.
These zones, consisting of 1.4 million square feet high-quality tech infrastructure at 130 acres of land, will foster innovation, drive economic growth, enhance technology exports and position Pakistan as a key player in the global technology arena.
“An investment of PKR30 billion has already been made in developing the specialized tech infrastructure by the zone developers while more than PKR150 billion investment is expected in next 2-4 years by local and foreign technology companies,” the STZA said in a statement.
“The four new zones will have the capacity to house more than 50,000 professionals with an export potential exceeding $350 million annually.”
The accelerated roll-out of such zones is in line with the economic pillars of Pakistan’s Special Investment Facilitation Council (SIFC), a civil-military hybrid forum established in June 2023 to attract foreign direct investment in agriculture, mining, information technology, defense production and energy sectors, according to the STZA. These zones will increase technology-related local and foreign direct investment in the country.
“In addition to the 12 existing zones, which are home to over 15,000+ technology professionals, the newly notified zones will offer state-of-the-art facilities, cutting-edge infrastructure, and high-speed Internet connectivity, ensuring that enterprises can compete and thrive in the global market.” the authority said.
“Exclusively designated for technology sector companies under STZA policy, these zones also offer significant incentives, including 10-year exemptions on Income Tax and Customs duties, and forex benefits to licensed technology companies operating within them.”
Pakistan, which has been facing low foreign exchange reserves, currency devaluation and high inflation, last month reached a staff-level agreement with the International Monetary Fund (IMF) for a new $7 billion loan deal. The South Asian country is making desperate attempts to boost foreign investment to cut its reliance on foreign debts to support its $350 billion fragile economy.
Pakistan sets up four new technology zones with $350 million annual export potential
https://arab.news/ptekn
Pakistan sets up four new technology zones with $350 million annual export potential
- The new technology zones are located in Islamabad, Rawalpindi and Lahore
- The initiative aims to create jobs for youth and prioritize the technology sector
Pakistan PM speaks to UAE president, calls for enhanced cooperation
- Shehbaz Sharif lauds UAE’s economic support in challenging times
- Both leaders discuss a range of issues, agree to stay in close contact
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday praised the United Arab Emirates for what he described as steadfast financial and political support during Islamabad’s recent economic crisis, as both sides signaled plans to deepen bilateral cooperation.
In a statement issued after Sharif spoke with UAE President Sheikh Mohamed bin Zayed Al Nahyan, the Prime Minister’s Office said the two leaders discussed matters of mutual interest and agreed to stay in close contact.
“The Prime Minister lauded the UAE’s consistent and unwavering support to Pakistan, that had helped the country navigate through difficult challenges,” the statement said, adding the two leaders “reaffirmed their shared desire to further enhance mutually beneficial cooperation between Pakistan and the UAE.”
The UAE, along with other friendly nations in the region, provided critical financial assistance to the South Asian country during a balance-of-payments crisis that strained Pakistan’s foreign exchange reserves and pressured its currency. Islamabad subsequently secured an International Monetary Fund program as part of broader stabilization efforts.
Sharif, in a post on X, described the exchange as positive.
“We fondly recalled our recent meetings and reaffirmed our shared resolve to further strengthen the historic, fraternal ties between Pakistan and the United Arab Emirates, and to expand mutually beneficial cooperation,” he wrote.
Millions of Pakistanis live and work in the UAE, forming one of the largest expatriate communities in the Gulf state.
Remittances from the UAE rank among Pakistan’s top sources of foreign currency inflows and play a significant role in supporting the country’s external accounts.
UAE-based companies are also investing in Pakistan, helping Islamabad develop its seaports to facilitate regional trade.
