Pakistan

Logistic, Tech Park to be built for $1.5 billion as part of CPEC

With the foundation stone likely to be laid in March 2017, propject will be completed in three phases over 10 years

APP February 23, 2016

Will be completed in three phases over 10 years, minister says. PHOTO: AFP

ISLAMABAD: Federal Minister for Science and Technology Rana Tanveer Hussain said the Pak-China Science, Technology, Commerce and Logistic Park would be established in Islamabad at the cost of $1.5 billion.

Hussain, addressing a press conference, said it would be set up as part of the China-Pakistan Economic Corridor and serve as a platform for technological and commercial linkages between the two countries besides promoting investment and financing, e-commerce and research and development.

Game changer: All provinces will reap benefits of CPEC, says PM

The Minister said Pakistan would provide 500 hectares of land for the establishment of the Park and all other investment would be made by China. He said three sites had been tentatively identified and a delegation of Xinjiang Production and Construction Corporation would be arriving this month to finalise the site.

He said that the foundation stone of the project is expected to be laid in March next year and it would be completed in ten years in three phases. The minister said that this project would create job opportunities for 1,500 Pakistanis.

The minister stressed the need to move towards latest technology from obsolete one in order to compete with the rest of the world. In this regard, the government would allocate bigger share of the budget next year for the promotion of science and technology, he added.

The minister said that COMSATS Institute of Information Technology (CIIT), under the administrative control of Ministry of Science &Technology, had been holding Pak China Business Forums since 2012. In the forum, COMSAT invited Tech companies from China to participate with the main objectives of attracting Chinese investment in joint ventures in Pakistan.

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Chinese companies have been showing increasing interest for the forum. From the 57 companies that visited in 2012, the number has risen to 125 in the 4th forum in 2015.

Published in The Express Tribune, February 24^th, 2016.

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COMMENTS (11)

smalee | 8 years ago | Reply @ All, I just want to highlight one point, this park also utilize some workforce from China as well. Simple they are the main investor so their interest counts as well. :)

syed & syed | 8 years ago | Reply CPEC is corridor linking Gwadar with China through Pakistan. Pakistan is spending money stipulated for road and bridges etc on orange train and tech parks etc.Is there any one to check what will happen when the allocated FE will be drained out.

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Waqas | 8 years ago | Reply What will the Tech Park constitute of?

zorkor | 8 years ago | Reply That's great. It should be built on urgent basis considering the lack of tech investments in the country.

Shahid Akram | 8 years ago | Reply Let's see if they build it or it remain empty promises as before.

Burhan Khan | 8 years ago | Reply Why not build this technology park in Gilgit Baltistan which is the gateway to CPEC, nice weather, highly educated population, just install a solar power plant and your energy requirements are resolved.

Syedpk | 8 years ago | Reply @Woz ahmed, The size of investment is not dependant on the number of jobs being created. Investment is always based on how much profit it can generate. What Karachiite meant was that the exhorbent ammount of money was due to the size of the Tech park to be built. You can build a huge warehouse, which will only have typically 5 employees, while a smaller structure for a superstore would have more employees. But the warehouse would cost more and generate more profit, hence the justification for spending more money.

SSH | 8 years ago | Reply No wonder why no one take these Government Ministers seriously...All are big Story tellers!

Woz ahmed | 8 years ago | Reply @Karachiite: Sir I don't understand your comment. Are you saying because it's 500 hectares , the investment $1500 million and only 1500 people will be employed, makes my statement invalid ? One employee per 3,300 sq metres, does that help you understand why I think there is an error in the ministers statement or article ?

Karachiite | 8 years ago | Reply @Woz ahmed - it will be built on 500 hectares of land. take a wild guess how big 500 hectares is if 1 hectare = 10000 sq. metre.

Woz ahmed | 8 years ago | Reply This article must be incorrect. $1.5 billion, $1500 million to create 1500 jobs, so each job costs a million dollars ?

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