In a move set to redefine Pakistan’s tech landscape, the establishment of the country’s largest IT Park in Islamabad has been greenlit under the auspices of the Special Investment Facilitation Council (SIFC).
Planned to be situated in the G-10 sector of the federal capital, the IT Park will span an impressive 3.3 acres, marking a significant milestone in Pakistan’s journey toward technological advancement and economic growth, PTV News reported on Monday.
This ambitious project, which operates under a public-private partnership model, is geared to accommodate approximately six thousand freelancers, equipping them with state-of-the-art facilities and resources. It is poised to become a nucleus for innovation and development within the country’s burgeoning IT sector.
The envisioned IT Park aims to cultivate an environment conducive to creativity and collaboration, fostering a vibrant ecosystem where ideas flourish and synergies are forged, thus propelling the industry forward.
Crucial negotiations are presently underway between key stakeholders, including the Pakistan Software Export Board and the Ministry of Information Technology and Telecommunication, to ensure the seamless execution and success of this groundbreaking project.
With its promise to revolutionize Pakistan’s tech landscape and empower it’s burgeoning IT workforce, the approval of the largest IT Park in Islamabad stands as a testament to the country’s commitment to fostering innovation and driving economic progress in the digital age.
The Capital Development Authority (CDA) has initiated the process of leasing a grey structure with a covered area spanning over 97,000 square feet, equivalent to 3.3 acres, located in G-10 Markaz, Islamabad, with the vision of transforming it into a cutting-edge IT park.
This move follows the recent approval by the CDA board to establish Pakistan’s largest IT Park in the area.
Meanwhile, CDA has invited Expression of Interest (EOI) from companies interested in leasing the property for an initial period of fifteen years. The selected tenant will be tasked with converting the grey structure into a state-of-the-art IT park adhering to international standards and best practices.
According to spokesperson of the federal apex agency, interested parties are expected to have a reputable and experienced background in the field, either as individual entities or through joint ventures. The envisioned IT park aims to offer a comprehensive range of amenities to cater to the diverse needs of technology companies and their employees, including shared co-working spaces, incubators for startups, office spaces for SMEs, research centers, auditoriums, recreational facilities, and more.
The leasing terms dictate that the grey structure will be rented out on an “As Is” basis, with bidders required to bid for the entire 3.3-acre plot. The rental period is set for fifteen years initially, extendable for another five years subject to mutual consent and approval by the CDA’s Competent Authority. The minimum monthly rental amount is approximately Rs. 16,581,813.
Interested parties have until April 30, 2024, to submit their Expression of Interest (EOI). The CDA encourages international firms and consortium to participate in this endeavor. Details regarding the project and submission process can be found on the CDA website.
