ISLAMABAD, Jul 21: The federal government has allocated an amount of Rs 90 million for the establishment of 25 software technology parks (STPs) across the country, including in Karachi, Lahore and Islamabad, according to information released by the Ministry of Information Technology.

The STPs will be set up by converting public, privately owned, and dilapidated office buildings, factories, and warehouses to provide IT-enabled office space to IT and ITeS companies at affordable rates. The main objective of the initiative is to provide IT startups, freelancers, SMEs and IT companies with a rental subsidy to meet their high operating costs and resolve workspace issues. This initiative will also address workspace shortages in main cities like Karachi, Lahore and Islamabad and will provide a reliable and secure infrastructure and high-speed internet facility.

The project aims at bringing together innovative technology companies in a work-conducive environment. These STPs will not only promote academia and industry linkages but also bridge gaps in technology and infrastructure access in secondary and tertiary cities, which will in turn boost IT exports. It will also strengthen linkages between IT industry and local universities of targeted cities to produce synergies and upgrade IT competitiveness. The project will help in boosting IT growth, and encourage companies to contribute to the growth of IT remittances and international business collaboration.

Credits: INP-WealthPk