Korea Eximbank to start feasibility study for State-of-The-Art Information Technology Park in Islamabad

Islamabad, May 15, 2015 (PPI-OT): Minister of State for IT, Mrs. Anusha Rehman Khan, members of Ministry of IT and PSEB had a very fruitful meeting and discussion at the ministry, with a team from Korean Eximbank for starting feasibility study for a new state-of-the-art IT Park in Islamabad this year. The Korean team included Mr. Seoung-ho Jin, Director General, Ministry of Strategy and Finance, Mr. Park Song-yun, Director Korea Eximbank and four other members. Earlier, the team had toured the site for the proposed IT Park in Islamabad.

Minister of IT welcomed the Korean delegation to MoIT and shared with them ministry’s vision to provide good infrastructure to the IT industry to leverage the full potential of Pakistan’s IT talent. She said that IT parks provide a whole ecosystem including affordable space to IT companies along with backup power, bandwidth, and bridges linkages between industry and academia.

IT Park in Islamabad will be the first of the three IT parks with future IT parks being planned for Karachi and Lahore and Ministry is concluding process to acquire the land for establishment of further IT parks at Lahore and Karachi.

Korean team was informed that Pakistan is ranked fourth globally by elance, in terms of freelancing revenue for IT and that IT exports which have grown by 35% since last year. MD PSEB said that there is an aggregate demand for more than a million square feet of office space by more than three hundred IT companies in twin cities of Islamabad and Pindi at present.

An IT park of this scale has exports potential of up to $120 million a year per IT Park. Mr. Seoung-ho Jin, DG Ministry of Strategy and Finance, said that he is very glad and impressed with IT potential and talent of Pakistan and that Eximbank will be appointing a Korean consultant by July this year to start the feasibility study and formalities in this regard.

The Korean ambassador Mr. Song Jong Hawan mentioned that Korea and Pakistan had similar economies in the sixties but Korea’s economy had taken off in the last fifty years because of growth in technology. Pakistan has a lot of IT talent and IT parks would be a good way of leveraging that talent to boost Pakistan’s IT exports.

He appreciated the passion with which Ministry of IT is committed to realise their vision of Accelerated digitization with IT parks as one of the key elements, and hoped that the IT Park will further augment the long lasting and strong relationship between Pakistan and Korea.

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