Lahore Technopolis special technology zone is the largest in the country
Prime Minister Imran Khan on Thursday inaugurated Lahore Technopolis, a special technology zone, that will help boost the country’s tech sector.
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.
Lahore Technopolis Special Technology Zone (STZ) is one of the largest STZs in Pakistan, spanning over 800 acres of land aimed at enhancing the export potential in the technology sector.
Speaking at the event, PM Imran Khan highlighted the importance of the technology industry from an economic perspective, especially for creating employment, human capital development, women empowerment, skills development, import substitution, and overall technology-focused growth of the national economy.
Khan expressed his desire “to transform Pakistan into a knowledge-based economy by fostering innovation, research and development, and by enabling the youth of Pakistan” to take the lead in the country’s economic development.
The tech zone project would provide incentives to the local and foreign tech industry and improve ease of doing business as it offers 10-year tax exemptions.
Pakistan’s IT exports reached the highest ever $2.1 billion in the financial year 202-21.
The Lahore Technopolis is one of 14 new tech zones slated to be established across the country under the national roll-out plan of the Special Technology Zones Authority (STZA).
Special Technology Zones being developed all across the country would be home to science and 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.
Two types of licenses, zone enterprise and zone developer, have been issued to several companies such as System limited, Galaxy Racer, Shorooq Partners, Grupo Karim, iEngineering, One Screen, Co labs, DigiKhata, and Adal Fintech in these tech zones.