Pakistan can generate $5bn by establishing technology parks, says Chairman STZA

Chairman Special Technology Zones Authority (STZA) Amer Hashmi on Wednesday said that the country can generate about $5 billion in revenue by establishment of 16 technology parks in one year.
In a media briefing, Chairman STZA said that work had been started to establish five technology zones in different cities including Islamabad, Lahore and Haripur to facilitate IT companies.
The state land that was not in any use for the last many years had been given to the companies on lease to encourage promotion of knowledge economy in the country, he added.
He also said the Special Technology Zones Authority came into existence in October 2021 under the Act of Parliament and was being operated under the Cabinet Division.
It was highlighted that the concept of combined efforts and cooperation for promotion of Research and Development (R&D), between academia, government and the industry started from 1950s, at Stanford Research Park, California, USA.
Later the concept was followed with the development of Tsukuba Science City (Japan), Zhongguancun Park, Beijing, China, Daedeok Technopolis, Daejeong, South Korea etc.
The success of this concept triggered countries across the globe to initiate special legislations and regimes to enable and protect the growth of knowledge and innovation ecosystem and follow the path of wealth creation through knowledge-driven solutions and services.
Currently the United States has 115 clusters based on this concept, while China 169, UK 63, India 23, Iran 16, Egypt 3, Malaysia 5 and there was no such functioning tech zone in Pakistan.
Under the STZA act the technology companies operating in the tech zones are provided 10 year tax exemption, 10-year tax rebate for them, relaxed foreign exchange policy and other benefits.
The technology companies would be provide a one-window facility in these tech zones by the STZA, and the authority was vying for provincial tax exemptions too, for the tech zones in respective provincial jurisdiction.
The STZA officials highlighted their achievements during the seven months, highlighting that Samsung had launched mobile phones in Pakistan and after the arrival of the mobiles, the country had saved millions of rupees.
Currently the five tech zones in the country including two in federal capital – Islamabad Technopolis  and the New State Life Tower Islamabad, Lahore Knowledge Park, PAF-IAST University Haripur and the Pakistan Digital City Haripur.
The STZA has proposed additional tax exemptions for the companies operating in these Tech Zones in the upcoming budget.

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