Revitalizing IT industry of Pakistan

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The incumbent government is in quest of improving the IT industry in two years by launching tech zones across the country, which suggest tax breakdowns to investors. In the start of this year, the federal government approved the transfer of 150 acres of land to the Special Technology Zone Authority (STZA) for establishing a special zone for technological development in Islamabad. The Cabinet Division stated that the STZA has been established under the STZA Ordinance 2020. The authority has been authorized to set up Special Technology Zones (STZs) across Pakistan. Primarily, one STZ each is to be set up in Islamabad, Lahore, Haripur, Karachi and Quetta. It’s offering a 10-year relinquishment on corporate tax and imports of any equipment or construction material desirable for the areas, which will give Pakistan’s IT industry a great push that could double its size to as much as $6 billion in two years.  Pakistan is also focusing on the new tech zones to generate employment for its masses of young.  The initiative first appeared after Prime Minister Imran Khan wanted responses at a meeting last year as to why Pakistan was missing the tech boom.  About half a dozen international companies and 50 domestic firms have showed interest to put their share in establishing the proposed zones. On the other hand, Finance Minister Shaukat Tarin has also promised to support the IT industry, which he says could help diversify exports, support the nation get out of its consistent boom, and broken cycles. The industry can be a game-changer and will be given anything they want,” Shaukat Tarin said in an interview in May this year. Hopefully, such initiatives will further boost the economy as well as will strengthen the job market. It will also favour entrepreneurs to take a step ahead towards a better economic future.

 

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