Karachi’s Rs42bn IT Park to provide 20,000 jobs

Syed Amin-ul-Haque, Federal Minister for Information Technology and Telecommunications said on Monday that Karachi’s Rs42bn IT Park would provide job opportunities to over 20,000 IT professionals after completion. The project will complete in 2026.

The minister stated during the Karachi IT Park groundbreaking ceremony that the total cost of the project is $186.65 million, of which $158.4 million will be funded by Korea Eximbank and the remaining by the Public Sector Development Program (PSDP).

While emphasizing the project’s goal, he said that the Park would support the creation of knowledge-based enterprises.

Furthermore, the minister said that the IT Park would house over 225 Startups, small & medium-sized enterprises (SMEs), and local and international businesses.

The Park will also include world-class facilities such as a testing laboratory, classrooms, an industry-academia liaison center, and an auditorium, according to the minister. The Park will be an 11-story structure with a total area of 106,449 square meters.

National Incubation Centres have been established in Karachi, Lahore, Islamabad, Peshawar, Quetta, and, more recently, Faisalabad and Hyderabad. As a result of these initiatives, he said, the volume of IT exports had increased by 47 percent to $2.62 billion, and 30 IT parks (STPs) had been established across the country. In four years, the amount of investment for Pakistani start-ups had increased by 800 percent, reaching $818 million.

Karachi IT Park is the largest IT project of its kind in Pakistan, which will benefit not only the citizens of Karachi but also the IT professionals and companies of Sindh and the rest of Pakistan,” he added.

Also Read: Khudi ventures launched Pakistan’s First matrimonial App ‘Dil ka Rishta’