On March 15, Punjab Chief Minister Maryam Nawaz Sharif greenlit the Nawaz Sharif IT City initiative in Lahore, marking a pivotal step towards Punjab’s economic and technological growth.
Spanning 853 acres near the Pakistan Kidney & Liver Institute and Research Centre (PKLI), the project will bear the official name Nawaz Sharif IT City.
Initial Funding: The Punjab government has earmarked Rs. 10 billion as the project’s seed funding, underscoring its dedication to boosting IT and driving economic expansion in the area.
Project Oversight: The Punjab Central Business District Development Authority will manage the project, responsible for its execution and operations.
Project Segments:
- IT & Tech District: A hub for IT firms, startups, and tech enterprises, fostering innovation and technological progress.
- Education City: A zone dedicated to educational institutions and research collaborations, supplying a skilled IT workforce.
- Film City: Designed to bolster the local film and entertainment industry with infrastructure and facilities.
- Commercial/Residential Areas: Offering a blend of commercial and residential spaces to cater to community needs.
Project Phases: The initial phase will concentrate on building the Celestia twin-tower IT complex, expected to be ready within a year. To ensure efficient planning, the project will benefit from Nespak’s expertise in partnership with an international consultancy.
Job Creation: The Nawaz Sharif IT City project aims to generate nearly one million jobs through various revenue streams and tax incentives to attract both local and foreign investment.
Promotion and Investment: CBD Punjab plans to host roadshows and promotional activities to highlight the project’s progress and attract potential investors.
Formal Agreement: The project’s commencement was formalized through an agreement signed by Asif Iqbal, Director Project Management CBD Punjab, and Wei Guang, General Manager of China Machinery Engineering Corporation (CMEC). The agreement was finalized during a visit by the Punjab Central Business District Development Authority delegation to CMEC’s headquarters in China.
Strategic Significance: Asif Iqbal emphasized the transformative potential of this partnership for Nawaz Sharif IT City and CBD Punjab. He noted the agreement’s importance in opening new avenues for growth and development in Punjab.
“This collaboration with China Machinery Engineering Corporation will bolster existing projects in Nawaz Sharif IT City and CBD Punjab and create new developmental opportunities,” said Asif Iqbal, highlighting the agreement’s significance.
Impact on Sino-Pak Relations: The partnership represents a substantial shift in Sino-Pak relations, aiming to expedite innovative projects through international investment.
With this agreement, Nawaz Sharif IT City and CBD Punjab are set to experience a significant boost in growth, contributing substantially to Punjab’s progress.
