Knowledge Park in Lahore is laying the foundation for a better connect between the industry and education system in Pakistan. The government of Punjab has synchronized all its efforts to initiate this mega project, which will begin in September this year. The project, having a gigantic budget of $1 billion, will consist of hubs for research and academics along with massive opportunities for entrepreneurs. It will serve as an engine for growth not only for the city but for the entire province.
A separate entity was established in the name of Lahore Knowledge Park Company in October 2014 with the prime purpose of managing this project independently. The company stated that the basic infrastructure such as roads, science facilities and some universities will be finalized by the end of 2017.
The financial plan
The financial plan of Knowledge Park has been developed by a U.S. consulting firm, Frost and Sullivan. Based on a joint partnership model, it is expected that Punjab Government will inject 20% of the total investment while the remaining 80% investment will be pooled by the private sector in the next 25 years. The initial investment will be utilized to build the basic groundwork of the project. The returns of Knowledge Park will be huge; it is expected to generate PKR 5.9 trillion in another 2.5 decades. Out of this profit, labor income will produce 253 billion while income taxes will be collected worth PKR 178 billion.
On expressing his views regarding Knowledge Park, Shahid Zaman stated:
“It is a very interesting concept from which the entire world is benefiting. Lahore Knowledge Park will be a fourth generation park being established over 852 acres of land located a few kilometers from the Pak-India border. It will consist of universities and schools, science and innovation hubs, a retail and central business district, a residential district, an entertainment zone and green areas. The project will serve as a growth engine for Lahore as it will promote education in five key areas, namely, life sciences and bio-technology, design and creative industry, information technology, computer sciences and science and engineering”
Almas Hyder, one of the board members for the Knowledge Park, stated that the project has already created quite a stir, so the government doesn’t need to invest further in the project in the initial phase. Currently, 8 universities are willing to establish their campuses inside Knowledge Park.
Set to harvest 11,200 PhDs and 40,000 jobs
The opportunities offered by Knowledge Park are endless, as the CEO stated that both foreign and local investors are showing a lot of interest in the project. There are offers to invest the entire $1 billion for this project thus eliminating the need for any other investment. However, the government will keep the operational control of the project in its own hands.
It is going to foster higher education in Pakistan by producing 11,200 PhDs and create 40,000 jobs in the country. The prime beneficiary of this project will be the youth, which is constantly seeking opportunities of education in Pakistan.
Since the nature of the project is long term spanning over more than two decades, it is significant for succeeding governments to commit to this project. It is also essential that the official sustain their policies and rules to ensure project completion.
Source: Techjuice
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