During a ceremony dedicated to the “Zone Development Agreement of Pakistan Digital City Haripur (PDC),” the Special Technology Zones Authority (STZA) and the Khyber Pakhtunkhwa Information Technology Board (KPITB) inked an agreement.
The announcement of PDC Haripur’s official designation as a Special Technology Zone marks a major advancement in Pakistan’s efforts to promote innovation and technology-driven economic growth.
PDC Haripur will benefit from tax perks under this deal, which will turn it into a tax-free zone for businesses working there. PDC Haripur-affiliated IT companies will receive a ten-year tax exemption, encouraging investment and creating an atmosphere that is favourable to technical progress.
Mr. Khalid Latif Khan, the Chief Minister’s Special Assistant for Science and Technology and Information Technology, Mr. Syed Muhammad Ali Shah, the Secretary for Science and Technology and Information Technology, and representatives from STZA and KPITB are among the distinguished guests at the event.
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Mr. Khalid Latif Khan emphasised in his speech at the ceremony the Khyber Pakhtunkhwa government’s dedication to digital transformation, working with Chief Minister Mr. Ali Amin Gandapur as a guide. In keeping with KP’s goal of becoming Pakistan’s digital hub, 1642 million rupees have been invested in Pakistan Digital City, which is managed by NESPAK and the National Logistics Cell.
As an example of this vision, the Pakistan Digital City initiative seeks to draw in domestic and foreign IT companies in order to boost economic growth and provide employment opportunities for young people, which is a top priority for the government of Khyber Pakhtunkhwa. Additionally, Mr. Khalid disclosed that a substantial amount of the project work—nearly thirty percent—has already been finished, indicating a major advancement towards this revolutionary endeavour.
Businesses and investors can benefit from Special Technology Zones (STZs) in a number of ways.
- Tax Incentives:
Companies operating within Special Technical Zones (STZs) are usually granted tax reductions and exemptions. Sales tax exemptions, waivers of customs duties, and corporate income tax exemptions are a few examples of these incentives. Businesses’ operating expenses can be considerably decreased by these tax advantages.
- Facilities and Infrastructure:
STZs are designed with contemporary amenities, such as dependable electricity, fast internet access, and well-kept roads. Companies in the zone can use these resources to increase efficiency and productivity.
- Obtaining Workforce with Skill:
To develop a pool of highly qualified workers, STZs frequently partner with training facilities and academic institutions. For their personnel requirements, businesses in these zones can draw from this talent pool.
- Possibilities for networking:
Opportunities for networking and teamwork are presented by membership in a STZ. Companies may engage in business-to-business interactions, knowledge exchanges, and partnership exploration.
The signing of this agreement is a significant turning point in Pakistan’s technological landscape, demonstrating a cooperative endeavour to establish an ecosystem that fosters economic prosperity, progress, and creativity in the digital era. The Special Technology Zone (STZA) designation of PDC Haripur highlights the dedication of KPITB and STZA to expediting digital transformation and establishing Pakistan as a centre for technology-driven enterprises.