Govt allocates over Rs18bln for two IT parks

ISLAMABAD: The government has allocated over Rs. 18.718 billion for the establishment of the Technology Park Development Project (TDP) in Islamabad and an IT Park in Karachi in the Public Sector Development Programme (PSDP) for the financial year 2024-25, ARY News reported.

The Technology Park in Islamabad is expected to serve as a state-of-the-art facility that fosters collaboration, innovation, and product development.

It will act as an interface to bring cohesion among academia, research, industry, and planners from both within Pakistan and abroad. The park will play a significant role in knowledge and resource management, focusing mainly on the commercialization of knowledge through managing innovations, providing business support services, promoting entrepreneurship, and offering consultancy services. Additionally, it will provide much-needed IT-enabled office space and facilities to IT companies registered with the Pakistan Software Export Board (PSEB).

The IT Park in Karachi is set to act as a catalyst for creating job and business opportunities, especially for the youth.

According to the PSDP, the government has also allocated a total of Rs. 28,929 million for the financial year for ongoing and new schemes of the Information Technology and Telecom Division. Out of this total allocation, Rs. 23,535 million has been earmarked for 16 ongoing schemes, while Rs. 5,394 million has been allocated for five new schemes.

Among the ongoing schemes, notable allocations included Rs. 300 million for Smart Office Federal Ministries Department (NITB), Rs 1000 million for Cyber Security for Digital Pakistan (NTISB) and Rs. 2000 million for Prime Minister’s Initiatives-Support for the IT Startups, Specialized IT Training and Venture Capital (IGNITE & PSEB). For new schemes, Rs. 3500 million allocated for Digital Economy Enhancement Project (WB. Funded) (MoITT/BoI/NITB/NADRA), Rs. 800 million National Semiconductor HR Development Program (NSHRDP) Phase-I (IT Wing), Rs 194 million Expansion of Cellular Services in AJK and GB Phase-IV (SCO) and Rs. 800 Revamping IT Industry Landscape (PSEB).