Sunday, April 14, 2024

Punjab Govt Greenlights Rs. 100 Billion Nawaz Sharif Innovation City

The Punjab government has recently given the green light to the ambitious ‘Nawaz Sharif Innovation City’ project in Lahore, earmarking a substantial budget of Rs 100 billion for its execution. This groundbreaking initiative is anticipated to generate approximately one million job opportunities, promising a significant boost to the local economy.

Reports from various media outlets indicate that the project has the potential to revolutionize Lahore, positioning it as a major economic powerhouse within the province. Originally conceived during the tenure of former Chief Minister Shehbaz Sharif, the project had been put on hold but is now gaining momentum under new leadership.

The management of the initiative has been transferred from the Lahore Knowledge Park Company to the Punjab Central Business District Development Authority, with the project rebranded as the ‘Nawaz Sharif Innovation City’. Chief Minister Maryam Nawaz Sharif has granted her approval for the project and allocated an initial funding of Rs 10 billion.

The proposed innovation city is envisioned as a diverse hub comprising specialized zones dedicated to IT, education, film, and residential and commercial activities. Of particular note is the expansive IT zone, covering 200 acres, which aims to establish itself as the country’s premier IT and technology center.

Equipped with state-of-the-art infrastructure, this zone is poised to attract leading IT corporations and prestigious global educational institutions, fostering innovation and technological advancement.

In addition to the IT zone, the project will also feature an education zone focused on forging partnerships with international universities to enhance the quality of education and research. Furthermore, a film zone will be established to accommodate modern studios and production facilities, fostering the growth of the entertainment industry.

The residential and commercial zone within the innovation city will offer contemporary living spaces and amenities, supported by robust infrastructure including roads, water, sewage systems, and green spaces. Special economic zones with tax incentives will also be implemented to encourage investment, with the aim of attracting approximately Rs 400 billion in investments through public-private partnerships and joint ventures.

The ‘Nawaz Sharif Innovation City’ project represents a significant milestone in the development of Lahore and underscores the government’s commitment to driving economic growth and fostering innovation in the region.

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