According to officials, the government has planned to set up an information technology (IT) park at the Jinnah International Airport in the trade and business hub of Karachi at a cost of Rs31 billion.
The PTI-led government is focusing on increasing the growth of the IT sector to enhance exports. It is contrary to the past practices when excessive reliance was placed on exports from traditional sectors like textile.
The South Korean government has proposed to finance the IT park project including the provision of technical expertise.
Furthermore, the government is also setting up IT parks in other cities, particularly Islamabad, in a bid to give a boost to the IT sector. IT is the only sector that offers huge opportunities of employment.
The setting up of IT parks will not only give a fresh impetus to the IT sector, but it will also provide job opportunities for the people.
South Korea is expected to provide 85% of funding for the project, which amounts to around Rs26.4 billion calculated at the rate of Rs170 to a dollar.
Seoul will also offer fellowship training for capacity-building of the IT park management.
The total cost of the project is estimated at Rs31 billion. The government will arrange around Rs26 billion in foreign loans to complete the project. It will meet the remaining 15% of the cost from the federal Public Sector Development Programme (PSDP).