Korean Exim Bank to finance establishment of first technology park

The Korean Exim Bank has agreed to finance the establishment of the first Technology Park in Pakistan to promote IT and Telecom sector with a cost of $50 million, it is learnt. Official sources revealed to Business Recorder that the concept of IT Park had been approved by the Planning Commission and the Ministry of Information Technology was in the process of preparing the PC-II in consultation with the World Bank.
The World Bank had expressed its desire to invest up to $45 million in the project, however due to legal hindrances, the government now prefers to engage Exim Korean Bank, official sources revealed. The project would cost about $50 million, said officials, adding that the Bank has shown interest and convey this to the government.
Minister of State for Information Technology Anusha Rahman confirmed that Korean Exim Bank has agreed to finance establishment of first Technology Park in Pakistan to promote IT and Telecom sector.
"The Bank is going to start their feasibility study in January 2015," said the minister while chairing 28th Board of Directors meeting of the Pakistan Software Export Board (PSEB) here on Monday. The IT Park will provide the research and development opportunities for different organisations. The minister said that establishment of Technology Park in Islamabad is the utmost priority of the government and it is worth-mentioning that Exim Bank Korea has agreed to finance establishment of first technology park. She directed the MD PSEB for early settlement of land issues with Civil Aviation Authority to acquire allocated land for establishment of technology parks in Lahore and Karachi respectively.
"We have to enhance the level of interaction between the government and indigenous IT companies. Therefore, the PSEB is directed to establish an "Interactive communication portal" to ensure an effective liaison with eleven hundred plus IT companies, which are already registered with the PSEB."
The Board reviewed the status of the IT companies and software houses, currently registered with the PSEB, status of their respective International certifications and way forward to further increase Pakistan's software export to global market. Anusha Rahman said that the government has already granted the approval for the establishment of a "tech-city to promote IT and Telecom sector in Pakistan and will give space to the young Entrepreneurs for establishing start ups. While keeping in view the growing demand of young IT graduates, the Minister directed the PSEB to double the number of internships provided by the PSEB, so that maximum youngsters could be accommodated.
Earlier, the MD PSEB briefed the board regarding his visit to US where he met with leading US based IT companies including Microsoft & Oracle, OPEN, which are keen to expand their businesses and invest in rapidly thriving IT sector in Pakistan. He also sought the board approval to participate in oncoming International IT events and to lead the delegation in IT exhibitions/seminar scheduled to be held in China. Federal Secretary IT Azmat Ali Rangha, MD-PSEB Asim Shehryar, Dr Shoaib Chairman P@sha, representatives from Ministry of Finance and Trade Development Authority of Pakistan were also present in the meeting.