In an attempt to enhance exports, Pakistan has established four Special Technology Zones (STZs) in Punjab, with the potential to generate $350 million in annual exports.
These zones are expected to accommodate up to 50,000 professionals, significantly contributing to the country’s burgeoning tech sector, said the Special Technology Zones Authority (STZA) in a post on social media platform X.
“In line with the vision of the Prime Minister and the federal government to enable job creation for the youth and prioritise the technology sector, the STZA is pleased to announce the notification of four new STZs with a focus on business process outsourcing, Information Technology, high-tech production, research and development, tech skill development and knowledge products,” said STZA in a statement.
The newly designated zones include NUST Special Technology Zone and Tech7 Special Technology Zone in Islamabad, Mindbridge Special Technology Zone in Lahore, and Capital Smart Technology Zone in Rawalpindi. These zones collectively cover 1.4 million square feet of tech infrastructure and 130 acres of land, exclusively designated for technology companies.
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“The accelerated roll-out of STZs is in line with the economic pillars of Special Investment Facilitation Council (SIFC) and will increase the technology-related local and foreign direct investment in the country,” it said.
According to STZA, Rs30 billion has already been invested in developing the specialized infrastructure, with an additional Rs150 billion anticipated over the next 2-4 years from both local and foreign technology companies.
These zones also offer substantial incentives under STZA policy, including 10-year exemptions on income tax, customs duties, and forex benefits for licensed technology companies.
The announcement comes amid ongoing nationwide internet disruptions, with the exact cause still unidentified. The tech industry has raised alarms, warning that these disruptions could cost Pakistan’s economy up to $300 million.
“These disruptions are not mere inconveniences; but, a direct, tangible and aggressive assault on the industry’s viability – inflicting an estimated and devastating financial losses estimated to reach $300 million, which can further increase exponentially,” Ali Ihsan, senior vice chairman of Pakistan Software Houses Association (P@SHA) said in a statement.