Saturday, May 25, 2024

China to Build ‘Nawaz Sharif IT City’ in Lahore with Rs.10 Billion As Seed Money

On March 15, Punjab Chief Minister Maryam Nawaz Sharif approved the Nawaz Sharif IT City project in Lahore, signaling a significant milestone for Punjab’s economic and technological advancement.

Covering 853 acres of land near the Pakistan Kidney & Liver Institute and Research Centre (PKLI), the project will be officially named Nawaz Sharif IT City.

The Punjab government has allocated 10 billion rupees as initial funding for this ambitious initiative. This substantial investment underscores the government’s commitment to promoting IT development and fostering economic growth in the region.

The project will be overseen by the Punjab Central Business District Development Authority, which is tasked with implementing and managing the project’s various components.

The project is designed to encompass four main segments. The IT & Tech District will focus on attracting IT companies, startups, and tech-related businesses, aiming to create a vibrant ecosystem for innovation and technological advancement.

The Education City will be a dedicated zone for educational institutions and research centers, fostering collaboration between academia and industry and providing a skilled workforce for the IT sector.

The Film City segment is aimed at promoting the film and entertainment industry by providing facilities and infrastructure to support local filmmakers and artists.

The Commercial or Residential Areas will offer a mix of commercial spaces and residential units, catering to the diverse needs of the community and ensuring balanced development of the city.

The first phase of the project will focus on the construction of the Celestia twin-tower IT building, a state-of-the-art facility expected to be completed within 12 months.

To ensure the quality and efficiency of the planning process, Nespak, a leading engineering consultancy firm, will collaborate with an international consultant.

One of the most promising aspects of the Nawaz Sharif IT City project is its potential to create nearly one million job opportunities. This will be achieved through various revenue models and attractive tax incentives designed to encourage both local and foreign investments.

To showcase the project’s progress and attract potential investors, CBD Punjab plans to organize roadshows and promotional events.

The formal agreement to kick-start this project was signed by Director Project Management CBD Punjab, Asif Iqbal, and General Manager of China Machinery Engineering Corporation (CMEC), Wei Guang.

This significant agreement was finalized at CMEC’s headquarters in China during a recent visit by the Punjab Central Business District Development Authority’s delegation.

The event was attended by Assistant General Manager CMEC Li Minglang, Executive Director Technical CBD Punjab Riaz Hussain, Director Business Development CBD Punjab, Ali Waqar Shah, and several other senior officials from both CBD Punjab and CMEC.

Asif Iqbal emphasized the transformative impact of this collaboration on the ongoing projects within Pakistan’s premier IT hub, Nawaz Sharif IT City, and the broader CBD Punjab landscape.

He highlighted the strategic significance of this partnership in driving new avenues of growth and development across the Punjab province.

“This collaboration with China Machinery Engineering Corporation will not only strengthen the ongoing projects in Nawaz Sharif IT City and CBD Punjab but also pave the way for new opportunities for development and progress,” remarked Asif Iqbal, reflecting on the importance and potential of the agreement.

This strategic partnership signifies a significant paradigm shift in the Sino-Pak relationship, aiming to accelerate the pace of implementation on innovative ventures through international investment in the region.

With this landmark agreement in place, CBD Punjab and Nawaz Sharif IT City are poised for an unprecedented surge in growth and development, making substantial contributions to the advancement of the Punjab province.

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