Inaugurates Lahore Technopolis: Says country witnessing economic growth
\n LAHORE
\nPrime Minister Imran Khan has said that Pakistan can progress rapidly by bringing revolution through the information technology (IT) sector, which has the potential to overcome current account deficit and generate employment.
\nThe prime minister said this while addressing the foundation stone laying ceremony of Lahore Technopolis, a special technical zone (SEZ), on Thursday.
\nHe said that the technology industry can help boost exports and address the issue of unemployment if the sector is incentivised and facilitated. The Technopolis project will help provide incentives to the tech industry and bring ease to businessmen in accordance with the government\u2019s vision, he added.
\nHe added that all businesses had faced a slump amid the Covid-19 outbreak, but profits of tech companies like Google, Amazon and others multiplied. \u201cUnfortunately, Pakistan lags behind in the sector despite having ideal conditions, including a huge population of young people,\u201d he said, adding that within 15 to 20 years, Indian tech exports boomed to $150 billion while Pakistan\u2019s exports could reach only $2 billion.\u201d
\nThe prime minister said that the country has started achieving economic growth. He said the current account gets disturbed owing to the import of machinery that ultimately devalues the local currency and compels the government to approach the IMF for loans. \u201cThe country can only come out of this cycle by boosting its exports and allowing wealth creation,\u201d he said.
\nCiting an example of the Chinese model of development, he said that China achieved remarkable progress and steered 700 million people out of poverty by eliminating corruption and jailing over 450 ministerial-level people and enhancing exports. The prime minister called for redirecting the orientation of the government as well as the population towards enhancing exports and wealth creation.
\nHe said that taking advantage of its 12 climatic zones, the country can reduce its import bill of commodities like edible oil through indigenous production of palm oil. Calling them the biggest asset, the prime minister also emphasised the involvement of overseas Pakistanis towards investment and wealth creation in Pakistan.
\n\u201cChina and India had also first attracted their own firms operating abroad to invest at home,\u201d he said. \u201cPakistani 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.\u201d
\nHe stressed that the objective behind establishing the Technopolis projects in Lahore, Karachi and KP is to make Pakistan join the tech race and provide employment to the people.
\nEarlier, the prime minister distributed licences among the companies which would be operating in the Technopolis. The event also marked the signing of a memorandum of understanding (MoU) for an investment of $300 million for the establishment of three more technology zones in different parts of the country.
\nAddressing the occasion, Punjab Chief Minister Sardar Usman Buzdar said that Lahore has been selected as the Technopolis considering the existence of universities and other tech institutes as well as companies in the city.
\nHe hoped the project will help carry out technology-based research and studies. In order to attract investment to Technopolis, the government has given a 10-year tax exemption to companies operating there. Companies from various countries like the US, Canada, China and Australia are approaching to invest here, he added. <\/p>\n","protected":false},"excerpt":{"rendered":"
Inaugurates Lahore Technopolis: Says country witnessing economic growth LAHORE Prime Minister Imran Khan has said that Pakistan can progress rapidly by bringing revolution through the information technology (IT) sector, which has the potential to overcome current account deficit and generate employment. The prime minister said this while addressing the foundation stone laying ceremony of Lahore […]<\/p>\n","protected":false},"author":2,"featured_media":219770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[2052,888,687,674,613],"class_list":{"0":"post-234584","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-top-news","8":"tag-curb","9":"tag-deficit","10":"tag-generate","11":"tag-it-sector","12":"tag-jobs"},"yoast_head":"\n