Special Technology Zones Authority (STZA) on Friday announced the notification of four new Special Technology Zones (STZs) with a focus on Business Process Outsourcing, Information Technology, High-tech Production, Research and Development, Tech Skill Development and Knowledge Products.
The announcement comes in line with the vision of the Prime Minister and the Federal Government to enable job creation for the youth and prioritise technology sector, according to a statement issued here on Friday.
These four new zones consist of 1.4 million Sqft high-quality tech infrastructure and 130 acres of land available for exclusive use of the technology companies. An investment of Rs30 billion has already been made in developing the specialised tech infrastructure by the zone developers.
While more than Rs150 billion investment is expected in next two to four years by local and foreign technology companies. The four new zones will have the capacity to house more than 50,000 professionals with an export potential exceeding US$ 350 million annually.
The newly designated zones include the 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 are notified strategically to foster innovation, drive economic growth, enhance technology exports and position Pakistan as a key player in the global technology arena.
The accelerated roll-out of STZs are in-line with the economic pillars of the Special Investment Facilitation Council (SIFC) and will increase the technology related local and foreign direct investment in the country.
In addition to the 12 existing zones, which are home to over 15,000+ technology professionals, the newly notified zones will offer state-of-the-art facilities, cutting-edge infrastructure, and high-speed internet connectivity, ensuring that enterprises can compete and thrive in the global market.
Exclusively designated for technology sector companies under STZA policy, these zones also offer significant incentives, including 10-year exemptions on Income Tax and Customs duties, and forex benefits to licensed technology companies operating within them.