IT Ministry Sets Deadline for Completing IT Park Grey Structure in Islamabad

The Ministry of IT and Telecommunication has set a deadline of September 30 for the completion of the grey structure of the Islamabad IT Park. According to ministry officials, the construction of the IT park in Islamabad is progressing rapidly. Seven stories of the building have already been constructed, with two more expected to be completed within the next two months. According to the ministry officials. after the grey structure is finished, work on the internal structure will commence. The overall project is scheduled for completion by June 2025. However, Prime Minister Shehbaz Sharif has directed the project team and the Ministry of IT and Telecom to complete the project within the current year. The IT Park Islamabad will feature eleven stories, including two underground levels, and will cover an area of 66,893 square meters. It will offer office space for over 120 startups and small and medium enterprises (SMEs), along with facilities such as testing laboratories, classrooms, an industry-academia linkage center, and an auditorium. Developed with financial assistance from Exim Bank Korea, the project costs $88.8 million. South Korea will provide $76.3 million, while Pakistan will cover $12.5 million. The IT Park aims to address the infrastructure shortage in the IT sector, facilitate technology transfer through academia-industry collaboration, support technology commercialization, and promote research and development. The park is expected to attract federal direct investment in the IT sector, increase IT exports, and enhance industry competitiveness. During the construction phase, it will create over 5,000 direct and indirect jobs, with another 5,000 jobs expected post-completion. The park will generate around 10,000 productive jobs for a skilled workforce, boosting the country’s exports by approximately $70 million per year. The groundbreaking ceremony for Islamabad IT Park was held on May 26, 2021, with Minister of IT & Telecom Syed Amin Ul Haq and the Ambassador of the Republic of Korea Suh Sangpyo in attendance at Chak Shahzad.