Fazal Software Technology Park Pakistan’s Second Software Technology Park in Islamabad was inaugurated on Thursday by the Pakistan Software Export Board (PSEB), a department under the Ministry of Information Technology and Telecommunications.
Pakistan’s Second Software Technology Park is a perfect example of collaboration between the public and private sectors, with 10 IT businesses that have already leased 40,000 square feet of technology parkland.
This is the second Information Technology Park (STP) that was inaugurated in less than three months in Pakistan. In October last year, the Gilgit STP, set up in conjunction with the Special Communications Organization (SCO), was inaugurated.
Syed Amin Ul Haque, Federal Minister for IT & Telecom, in his statement on this occasion, stated that the IT industry in Pakistan is the top priority of the current government, which has worked tirelessly to improve the status of Pakistan’s economy, build jobs and improve the overall quality of life.
He mentioned that the government has given strong support and extremely attractive incentives, and that there are many projects aimed at facilitating and assisting the IT industry in its growth trajectory so that local and export earnings will continue to rise.
The government also offers a 10-year tax break on dividend income and long-term capital gains from investments, as well as a GST exemption on products and services consumed within zones.
Haque said, I feel very honored that Pakistani IT firms are providing products and services to the world’s largest companies using latest technologies such as AI, Robotics, driverless cars etc. and including US companies R&D centers in Pakistan.
He said that due to the booming IT industry, there was a strong demand for STPs in the region, and hence there is a need to find a quicker way to supply to the IT industry. That’s how we came up with the notion of using inoperative manufacturing facilities in the private sector.
IT Secretary Shoaib Ahmad Siddiqui, speaking at the ceremony, said that great analysis was carried out on an explicit basis under the orders of the Federal Minister, and the outcome is evident from this inauguration.
As far as turning abandoned buildings into state-of-the-art STPs is concerned, more positive news is on the way. Research is well on the road to developing universities’ and Information Technology Parks.
Siddiqui commended the professionals and entrepreneurs of the IT industry for rendering Pakistan’s ICT industry a success story for the region, for achieving a stellar growth rate in remittance inflows and making it Pakistan’s largest net exporter in the services sector.
PSEB Managing Director, Osman Nasir, said that in the underdeveloped parts of the country, the PSEB registration fee for IT & IS firms, including call centers and IT start-ups belonging to underserved areas of the country, has been fully waived. This is achieved in order to improve the IT industry’s growth and add to the IT industry’s organic growth across Pakistan.