Special Technology Zones Establishment PM Inaugurates Lahore Technopolis STZ

Islamabad: Prime minister Imran Khan while speaking at the Inauguration ceremony of the Special Technology Zone (STZ) named Lahore Technopolis here in Lahore on Thursday said that by promoting the tech industry in the country we can minimize the current account deficit by increasing over exports besides addressing the issue of growing unemployment in the country. He said that an MOU of USD 300 million has already been signed for the construction of three economic zones in the country.

The PM said that the project will facilitate and incentivize the tech industry and promote ease of doing business. He said, “The project would help provide incentives to the tech industry and bring ease to businessmen, in accordance with the government’s vision”. He highlighted that the government has a plan to develop special technology zones in all parts of the country. The STZs, he reiterated his resolve, would be home to science and technology parks and centers for research and development for international tech companies besides housing manufacturing units and software houses.

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It is pertinent to mention here that the Prime Minister has already announced the Islamabad Technopolis earlier this year. The PM said that the STZs would also feature universities, incubators, and accelerators. The PM said that during the hard times of the covid 19 pandemic the business of tech companies did not face any loss rather their business and profits multiplied, He continued, “The IT sector would also address the issue of unemployment of the youth, particularly the women, besides boosting the country’s exports,”

The premier said that it is very unfortunate that successive governments in the past did not take any heed to this sector despite ideal conditions and a huge human resource. He added, “Unfortunately, Pakistan lagged behind in the sector despite having ideal conditions, including a huge population of young people, within 15 to 20 years, Indian tech exports boomed to $150 billion while Pakistan's could reach only $2 billion.” The premier also added that the only way to come out of the current vicious is by promoting exports and creating more wealth.