Islamabad to Host State-of-the-Art IT Park

News Desk 

Islamabad: In a significant development aimed at reshaping Pakistan’s technology sector, the establishment of the country’s largest IT park in Islamabad has received approval under the auspices of the Special Investment Facilitation Council (SIFC).

Planned to occupy a prime location in the G-10 sector of the federal capital, the IT Park will cover an expansive area of 3.3 acres, representing a crucial step forward in Pakistan’s technological advancement and economic growth, as reported by PTV News.

Operating under a public-private partnership model, this ambitious project aims to provide cutting-edge facilities and resources to approximately six thousand freelancers, positioning itself as a focal point for innovation and development within Pakistan’s burgeoning IT industry.

The envisioned IT Park seeks to cultivate an environment conducive to creativity and collaboration, fostering a vibrant ecosystem where ideas thrive and synergies are formed, thereby driving the industry forward.

Key stakeholders, including the Pakistan Software Export Board and the Ministry of Information Technology and Telecommunication, are currently engaged in crucial negotiations to ensure the smooth execution and success of this groundbreaking initiative.

The Capital Development Authority (CDA) has initiated the process of leasing a large structure 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 state-of-the-art IT park.

Following the recent approval by the CDA board, expressions of interest (EOI) are now being invited from companies interested in leasing the property for an initial period of fifteen years.

The selected tenant will be responsible for converting the structure into a modern IT park adhering to international standards and best practices.

Interested parties are required to have a reputable and experienced background in the field, either as individual entities or through joint ventures.

The envisioned IT park is expected to offer a comprehensive range of amenities, including shared co-working spaces, startup incubators, SME office spaces, research centers, auditoriums, and recreational facilities.

The leasing terms specify that the 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 initially set for fifteen years, 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 both domestic and international firms and consortiums to participate in this endeavor.

Further details regarding the project and submission process can be found on the CDA website.