LAHORE: Prime Minister Imran Khan on Thursday inaugurated special technology zone (STZ) Lahore Technopolis, established under the Lahore Knowledge Park Company.
According to state-run Radio Pakistan, the technology zone has been constructed under Lahore Knowledge Park Company, where huge investment is being made to enhance export potential in technology.
Special Technology Zones being developed all across the country would be home to Science & Technology Parks, manufacturing units, research and development centers of global tech companies and software houses. It will also feature, universities, incubators, accelerators and other ecosystem players.
Speaking on the occasion, the premier said if incentivized and facilitated, the technology industry could help overcome the current account deficit of the country by boosting exports as well as addressing the issue of unemployment.
The prime minister said the project would help provide incentives to the tech industry and bring ease for the businessmen, in accordance with the government’s vision. “The IT sector would also address the issue of unemployment to the youth particularly the women besides boosting the country’s exports,” he added.
He also lauded Punjab Chief Minister Sardar Usman Buzdar and other relevant ministers for allocating 800 acres of land for the purpose, which he said was the “future of the world”.
Exemplifying Amazon, Google and other tech giants, PM Imran said during COVID-19, all other businesses had faced a slump but the profits of the tech companies multiplied during the pandemic.
However, he said unfortunately, Pakistan lagged behind in the sector despite having ideal conditions including a huge young population. He said within 15-20 years, Indian tech exports boomed to $150 billion while Pakistan could reach only $2 billion.
The prime minister said as the country started achieving economic growth, the current account got disturbed owing to the import of the machinery which ultimately devalued the local currency and made the country approach IMF for loans. The country can only come out of this cycle unless it boosts its exports and allows wealth creation, he added.
Calling them the biggest asset, the prime minister also emphasized the involvement of the overseas Pakistanis towards investment and wealth creation in Pakistan. He said China and India had also first attracted their own firms operating abroad to invest at home.
He said the Pakistani individuals as well as the firms operating abroad including the Silicon Valley were interested to invest in Pakistan which necessitated incentives and ease of doing business.
Earlier, the prime minister also distributed licenses among the companies which would be operating in the Technopolis. The event also marked the signing of a Memorandum of Understanding for an investment of $300 million for the establishment of another three technology zones in different parts of the country.
