The development of Pakistan’s largest Information Technology Park in Karachi is taking a significant step forward with the completion of its initial design phase.
Sources within the Pakistan Software Export Board (PSEB) confirmed that the Korean Design Consortium, led by M/S JUNGLIM Consortium, has finalized the conceptualization, schematics, and initial designs for the project. These designs integrate both architectural and information and communication technology (ICT) elements.
The detailed design work for the Karachi IT Park is expected to be finished by May 2024, paving the way for construction to commence in the upcoming fiscal year (2024-2025). Project completion is currently anticipated for July 2027.
The project, approved by the Executive Committee of the National Economic Council (ECNEC) in June 2021, carries a total cost of Rs. 31.1 billion ($186.658 million). Funding includes a Rs. 26.48 billion ($158.416 million) loan from the Korean Exim Bank and a local share of Rs. 4.72 billion ($28.242 million) from the Public Sector Development Program (PSDP).
The IT Park will be an eleven-story building (eight above ground and three basements) with a total area of 106,449 square meters. It will provide office space, testing laboratories, classrooms, an industry-academia linkage center, an auditorium, and other amenities. The park is expected to house around 210 IT companies and create employment opportunities for close to 8,400 individuals.
The Federal Minister for IT and Telecom, Syed Amin Ul Haq, laid the foundation stone for the project in November 2022.
According to PSEB officials, technology parks act as catalysts for innovation and business growth. These parks typically offer ample space for businesses to develop and expand. Governments around the world frequently invest in such initiatives to stimulate economic activity at both regional and national levels. The primary benefits of technology parks include fostering a knowledge-based economy, promoting entrepreneurship, and encouraging the development of cutting-edge technologies within a region.
This development marks a significant milestone for the Karachi IT Park project, bringing it closer to becoming a reality and potentially playing a key role in boosting Pakistan’s IT sector.
