Work On Islamabad IT Park Starts

The Federal Capital would soon have a state of the art Information Technology Park as necessary work for its establishment had been started, a senior official in the IT ministry said

ISLAMABAD, (UrduPoint / Pakistan Point News - 19th Feb, 2020 ) :The Federal Capital would soon have a state of the art Information Technology Park as necessary work for its establishment had been started, a senior official in the IT ministry said.

"Work on Information Technology Park in federal capital, having state of the art facilities, has been started whilst the second IT Park would be established in Karachi to further strengthen this sector," he told APP.

The official said the parks were being established with the assistance of Korean government, adding the Software Technology Parks (STPs) were a major factor in facilitating IT companies and play a major role in development of the IT industry.

He said Information Technology was emerging as a vital organ of country's national economy and the government was paying great deal of heed to promote IT Sector.

He said Pakistan Software Export board(PSEB) registered IT start-ups, who were exempted from income tax, withholding tax and minimum tax for three years.

For promotion of IT sector and to attract global investors, the official said foreign ownership up to 100 percent of IT and ITeS had also been allowed and "no embargo has been put in place for repatriation of profit earned by such foreign investors."The government, he said, through Pakistan Software Export Board(PSEB) was facilitating local companies in promotion of IT services by way of marketing and subsidization.

The PSEB has organized four international and four domestic exhibitions for the purpose. The state functionaries in Consulates and Embassies have also been interacted to accord special focus for promotion of IT exports.