The development of an information and communications technology (ICT) Special Economic Zone (SEZ) in Islamabad has been commenced under China Pakistan Economic Corridor (CPEC). The project covers an area of 200 to 250 acres. The ground breaking ceremony of the ICT Model Industrial Zone has boosted the industrial and investment opportunities in the area.
This Special Economic Zone (SEZ) in Islamabad would cater following type of industries:
- Food Processing
- Pharmaceutical & Chemicals
- Printing and Packaging
- Light Manufacturing
Significance of ICT Model Industrial Zone
Industrial zones have become a tool to promote economic activities around the world. Most developing countries make use of Special Economic Zones to promote business and investments. The investors and industrialists are given a lot of perks such as tax exemption for a fixed time period during which the business becomes profitable. Currently there are 9 major Special Economic Zones in Pakistan. The number of SEZs will be rising in the upcoming time. Out of all the SEZs, ICT Model Industrial Zone is one of the most significant one due to its strategic location.
The ICT Model Industrial Zone will specifically focus on the information technology sector. It will attract investment in the IT and other relevant sectors. The project is ideal for the entrepreneurs in the IT sector as it will give rise to the IT related products. The project will offer services to pave the way for the exports from all over Pakistan.
In order toexecute this target, the Federal Government of Pakistan has given a go-ahead to an agreement for ICT talent development programme between Huawei Technology Pakistan and the Higher Education Commission (HEC) for enhancing IT-linked exports.
Why invest in ICT Model Industrial Zone
The main proposals have focused on promoting IT based industrialization, which respects and protects the environment, taking advantage of installed capacity and promoting the integration of productive chains, creation of formal jobs, insertion of innovation processes and local learning.
Increased industrial production is crucial for CPEC economic growth and the rise in the level of well-being of the people in both developing and industrialized countries. And on the reduction of the cost in industrial production and the assurance of specialization, acquiring industrial production through developed infrastructure services in some areas contributes positively to the increase in production. Thanks to organized ICT Model industrial zone, built in three Islamabad, several steps were taken to increase the share of industrial production in the Pakistani economy and to secure more jobs.