Modi's extremist agenda a real threat to region's peace: PM

PM inaugurates Special Technology Zone

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Lahore: Prime Minister Imran Khan has set up a special technology zone in Lahore for the Lahore Science and Technology City.

The technology zone has been constructed under Lahore Knowledge Park Company, where huge investment is being made to enhance export potential in technology.

While addressing the ceremony, Prime Minister Imran Khan said that if incentivized and facilitated, the technology industry could help overcome the current account deficit of the country by boosting exports as well as addressing the issue of unemployment.

The prime minister said the project would help provide incentives to the tech industry and bring ease for the businessmen, in accordance with the government’s vision.

The prime minister said the IT sector would also address the issue of unemployment to the youth particularly the women besides boosting the country’s exports.

The Prime Minister praised the Chief Minister of Punjab State Sardar Usman Buzdal and other relevant ministers for allocating 800 acres of land, which he said was “the future of the world”.

Take Amazon, Google and other technology giants as examples. During the COVID-19 period, the prime minister stated that all other companies are facing a decline, but the profits of technology companies have doubled during the pandemic.

However, he said that unfortunately, although Pakistan has ideal conditions, including a large young population, it still lags behind in this field.

He said that within 15 to 20 years, India’s technology exports surged to 150 billion U.S. dollars, while Pakistan could only reach 2 billion U.S. dollars.

The Prime Minister stated that as the country began to achieve economic growth, the current account was disrupted by imported machinery, which eventually devalued the local currency and caused the country to seek loans from the International Monetary Fund. Unless the country increases exports and allows wealth creation, the country cannot just step out of this cycle.

The Prime Minister cited China’s development model as saying that China has made significant progress by eliminating corruption, imprisoning more than 450 ministers and increasing exports to lift 700 million people out of poverty.

The Prime Minister called for a readjustment of the direction of the government and people to promote exports and create wealth.

He said that using its 12 climatic zones, the country can reduce the import cost of edible oil and other commodities by producing palm oil locally.

Calling them the biggest asset, the prime minister also emphasized the involvement of the overseas Pakistanis towards investment and wealth creation in Pakistan. He said China and India had also first attracted their own firms operating abroad to invest at home.

He said the Pakistani individuals as well as the firms operating abroad including the Silicon Valley were interested to invest in Pakistan which necessitated incentives and ease of doing business.

Prime Minister Imran Khan said the objective behind establishing the Technopolis projects in Lahore, Karachi and KP was to make Pakistan join the tech race and provide employment to the people.

Earlier, the prime minister also distributed licenses among the companies which would be operating in the Technopolis.

The event also marked the signing of a Memorandum of Understanding for an investment of $300 million for the establishment of another three technology zones in different parts of the country.

Punjab Chief Minister Sardar Usman Buzdar said Lahore had been selected the Technopolis considering the existence of universities and other tech institutes as well as companies in the city.

He said that the project will help carry out technology-based research and research.

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