The main building of the Information Technology (IT) Park in Islamabad will begin construction next month, according to officials from the Ministry of Science and Technology.
All essential provisions have been made, and the tendering procedure is nearing completion, according to the details. The building’s design has already been authorized by the Capital Development Authority (CDA), and MoITT has also received approval from the Environmental Protection Agency (EPA).
All electrical connections, drain channels, and procurement work has been finished. The construction of a boundary wall and the payment of land taxes have already been completed. All work has been completed on the Pakistani side, and contract awarding is underway on the Korean side, with completion expected in the coming weeks.
Minister of IT & Telecom (MoITT), Syed Amin Ul Haq, and Ambassador of the Republic of Korea, H.E Suh Sangpyo, laid the foundation stone for Islamabad IT Park in Chak Shahzad on May 26, 2021.
IT Park Islamabad will have a total of twelve stories, two underground and ten above ground, and would cover a total area of 66,893 square meters. It will house around 120 startups and small and medium businesses (SMEs), as well as ancillary amenities such as testing laboratories, classrooms, an industry-academia linkage center, and an auditorium.
Exim Bank Korea is assisting the MoITT in the development of IT Park Islamabad. The project will cost $88.8 million in total, with South Korea contributing $76.3 million and Pakistan contributing $12.5 million.
The IT Park will not only help to alleviate the IT sector’s infrastructure constraint, but it will also help to allow technology transfer through academia-industry collaboration, assist technology commercialization, boost research and development, and provide economic value.
It will improve IT exports and industrial competitiveness while also bringing in federal direct investment in the IT sector. During the construction phase, it will employ more than 5,000 people directly and indirectly. After completion, it will generate an additional 5,000 direct and indirect jobs.
To read our blog on “In the Karachi IT Park, 210 enterprises and approximately 8400 employees will be catered,” click here.
Note: Featured image is only for illustration purposes.
