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New Technology Park in Islamabad to Create Thousands of Jobs
The Special Technology Zones Authority (STZA) and Rapidev DMCC signed a Memorandum of Understanding (MoU) to establish a Technology Park in Pakistan’s first Special Technology Zone (STZ) in Islamabad, a state-of-the-art development that will facilitate a high-tech business environment.
The signing ceremony was held in Islamabad and attended by members of both the organizations, technology sector professionals, and government officials.
According to the MoU, both the organizations will work together to achieve high-tech industrial growth, create job opportunities, upskill the youth, and attract Foreign Direct Investments (FDI) through the development of a knowledge ecosystem driven by research, innovation, and collaboration.
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The technology sector is the brightest opportunity for Pakistan. AFP/File
The technology sector is the brightest opportunity for Pakistan which is evident from the fact that over the past 12 months, Pakistani startups have raised more than $100 million in venture funding.
In the first quarter of 2021, venture funding has more than doubled compared to the same period last year.
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Pakistan is second only to Saudi Arabia in terms of capital raised in the Menap (Middle East, North Africa and Pakistan) region. Pakistan’s IT exports have increased 45 per cent to $1.5 billion in this fiscal year so far.
While the government seems to be conscious of the potential, the sector has not received the kind of attention and incentives seen in the construction and textile sectors. The preference is understandable since construction and infrastructure projects are more visible.
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