KARACHI: The ministry of information technology and telecom is set to launch an ambitious multi-billion-rupee IT Park project that would house more than 200 tech companies and creating employment opportunities for 20,000 young IT professionals.

Federal IT & Telecom Minster Syed Amin-ul-Haque would perform the groundbreaking of the project near Karachi airport on Monday (today).

Officials said that the IT Park project was approved by Ecnec in June 2021 with an estimated cost of Rs41 billion. Exim Bank, Korea will contributes Rs35bn while the remaining amount would be borne by the federal government under its public sector development programme. The project is expected to be completed by June 2026.

“The purpose of the IT Park is to provide a place where innovative businesses could develop and prosper,” said an official.

Groundbreaking ceremony to be held today

The IT Park Karachi will be an 11-storey self-contained building having covered areas of 106,449 square metres. It would provide office space to some 225 startups and small-to-medium enterprises, local and international companies and other ancillary facilities like testing laboratories, classrooms, industry academia linkage centre and an auditorium.

Published in Dawn, November 7th, 2022