To support IT startups, freelancers, SME’s, and IT enterprises, the govt. has allotted Rs. 90 million for the creation of 25 Software Technology Parks (STPs) around the nation.
This would significantly accelerate the growth pace of the IT industry and benefit Pakistan as well. Additionally, it will improve connections between regional universities and the IT sector.
It is anticipated that 25 STPs would be established around the nation, notably in Karachi, Lahore, and Islamabad, by converting deteriorated public and privately owned office buildings, factories, and warehouses to offer IT-enabled office space to IT & ITeS enterprises at competitive prices.
The initiative attempted to unite cutting-edge technology businesses in a setting that promoted collaboration towards a common goal. Additionally, this program will encourage businesses to expand their foreign commercial partnerships and IT remittances.
The Software Technology Park (STP) initiative aims to give the IT sector capabilities for carrying out software development and IT-enabled services for 100% physical exports, including the export of professional services, utilizing data communication linkages.
Additionally, up to 50% of the exports may be authorized for individual units to conduct business on the local market. STP units may also conduct business-related training. STP units serve as a liaison between customers and government agencies and authorities while also regulating the IT industry through licensing. The program offers specific duties, levies, and tax concessions to the IT industry.
To read our blog on “Under the new SBP framework, Tech and IT companies are permitted to establish digital banks,” click here.