Federal Minister for Information Technology and Telecommunication Syed Aminul Haq has announced the setting up of an IT park in Karachi and a piece of land costing Rs31 billion has been acquired from the Civil Aviation Authority near Karachi airport for the project.
“Plots will be available at much lower rates in the IT park to encourage maximum number of small and medium enterprises (SMEs) associated with IT services to establish their businesses, which will be fully equipped with state-of-the-art infrastructure and all IT-related facilities,” said the minister.
He was speaking at a meeting with traders during his visit to the Karachi Chamber of Commerce and Industry (KCCI).
The move was welcomed by the financial and technology consultants.
“This will enable our SMEs to grow at a faster pace, which is the need of the hour, keeping in mind not just our current economic situation, but also the overall global situation,” said Saad Gadit, Co-founder Savyour.
“This step will help in creating an efficient ecosystem, which comes when likeminded individuals working with the same vision come together. It also helps in model and information sharing; hence the beneficiaries are significantly higher.”
“Although brick and mortar is not a roadblock to technological development and digitisation, it depends on how the piece of land is utilised to create an ecosystem where incentives are timely provided and technological hubs are created for not only tech businesses but also for all the SMEs backed by tech infrastructure, skill development and research and development (R&D),” said Khurram Schehzad, CEO of Alpha Beta Core.
“It comes as great news that Karachi has finally decided to go in the direction of an IT park as other provinces have already started work on similar spaces; it will prove to be a great opportunity for technological exploration in the region,” said Noman Ahmed Said, CEO of SI Global.
“Karachi already ranks higher in technological prowess and it will prove to be more beneficial to begin development in the city by working under one umbrella and generating more revenue.”
Said described IT parks as the areas with scores of facilities, where IT-related knowledge and service industries were attracted and facilitated through the provision of buildings, industry-specific infrastructure and business support services.
“The ultimate objective of an IT park is to provide an environment that will enable the localisation of tech-related companies.”
Moreover, IT parks attract investment, which gives a boost to the economy, while simultaneously creating room for more companies to establish or expand their operations, thereby leading to job creation, he said.
Start-up investment expert Kapeel Kumar remarked that it would be a great initiative for start-ups and SMEs to accelerate development work and would also encourage the youth to start business with ease and tax benefits.
Published in The Express Tribune, June 4th, 2022.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.