Islamabad, August 16, 2024 — Pakistan has announced the creation of four new Special Technology Zones (STZs) designed to drive growth and increase exports. According to the Special Technology Zones Authority (STZA), these zones can accommodate up to 50,000 professionals and have the potential to generate $350 million in annual exports.
The new tech zones are:
- Mindbridge Special Technology Zone in Lahore
- Capital Smart Technology Zone in Rawalpindi
- NUST Special Technology Zone in Islamabad
- Tech7 Special Technology Zone in Islamabad
Covering 1.4 million square feet on 130 acres, these zones will provide top-notch facilities and infrastructure to support technology companies. An initial investment of PKR 30 billion has been made, with an additional PKR 150 billion expected from local and international tech firms over the next 2-4 years.
This move supports the goals of Pakistan’s Special Investment Facilitation Council (SIFC), which was set up in June 2023 to attract foreign investment in key areas like technology, agriculture, and energy. The new zones are expected to increase both local and foreign investment in technology.
The zones will offer high-speed internet, modern facilities, and tax breaks, including a 10-year exemption from income tax and customs duties. This development is part of Pakistan’s effort to strengthen its economy and reduce reliance on foreign debt. The country recently reached a deal with the International Monetary Fund (IMF) for a new $7 billion loan to help address economic challenges.
