Entrepreneurship

Korea To Build a $50 Million IT Park in Islamabad

In a welcome development of events, Korea will be investing a hefty amount of $50 Million into the establishment of an IT Park in Islamabad.

The purpose of this great investment is to add to entrepreneurial spirit as well as to raise the business ties between the two countries to a whole other level.

The Sub-Committee of the National Assembly Standing Committee on Information Technology and Telecommunication was briefed about this venture today. The announcement was made by the State Minister for Information Technology and Telecom, Ms Anusha Rehman Khan after the Executive Committee of National Economic Council (ECNEC) approved of the agreement. The Minister added that Exim Bank would be providing soft loan for the IT Park while Pakistan Software Export Board (PSEB) has leased about 45 acres of land in Chak Shahzad, Islamabad to build state of the art IT Park.

According to reports, another park with the investment of $1.5 Million will also be established with collaboration with China in the near future.

The Korean Park is a result of an agreement between Korea Exim Bank and the Pakistan Software Export Board. The Exim Bank had been studying feasibility reports regarding the investment for a while now. A formal agreement for the loan and funding is expected to be signed by the end of this year. The Pakistan Software Export Board already has quite a few IT ventures up and running in various cities, namely, Islamabad, Lahore and Karachi.

The aforementioned Chinese and Korean ventures are said to be just the tip of the iceberg when it comes to foreign investments coming in for the field of software and IT industry. The US also plans to launch such a venture in Hyderabad in the near future.

These ventures prove very beneficial in nourishing the entrepreneurial environment of the country and also help build morale for future entrepreneurs and software enthusiasts.

image: pseb.org.pk

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