The Punjab Government has greenlit the ambitious ‘Nawaz Sharif Innovation City’ project in Lahore, aimed at transforming the city into a knowledge hub and an economic powerhouse. The project, which will receive a whooping Rs.100 billion investment is expected to create over a million job opportunities and attract investments worth Rs.400 billion through public-private partnerships and joint ventures.
Lahore to become a tech hub?
The Innovation City, previously known as the Lahore Knowledge Park will be a multifaceted hub with distinct zones dedicated to IT, education, film, and residential and commercial activities. The IT zone, spanning 200 acres is set to become the nation’s first major IT and technology center, complete with cutting-edge facilities to nurture IT product development and services.
The education zone will focus on forging partnerships with international universities to enhance the quality of education and research. The film zone will house modern studios and production facilities, creating a vibrant entertainment ecosystem.
The residential and commercial zones will be supported by a robust infrastructure. It will include roads, water and sewage systems, as well as parks and green areas. It will offer contemporary living spaces and amenities. Additionally, the project will feature special economic zones with a decade-long tax holiday.
Also read: Pakistan Needs Rs.7300 Billion To Face Economic Challenges, Says Ahsan Iqbal
“This groundbreaking project promises to revolutionize Lahore. It will potentially turn it into the driving force of the province’s economy”, said a government official. Chief Minister Maryam Nawaz Sharif has granted her approval and allocated Rs.10 billion as initial funding.
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