$1.5b Pak-China IT Park moves to execution phase

STAFF REPORT ISB: The Xinjiang No. 13 Division of Construction Corp, Hami, China has been given a “Go Ahead” to finalize the land identified in consultation with all stakeholders and to complete the other formalities for the establishment of Science and Technology Park in Pakistan.

Official sources revealed that the Division has requested the provision of a digital map of land and city of Islamabad so that the work on plan and feasibility study could be started. In a few days, they will provide the name and details of the component companies in the joint venture from Chinese side.

China has agreed to establish Pak-China international science and technology and commercial and logistic park in Pakistan with an investment outlay to the tune of $1.5 billion under the China-Pakistan Economic Corridor (CPEC).

The construction area for Pak-China International Science, Technology, Commercialand Logistic Park is 10,000 kanals and will cost $1.5 billion

The planned construction area would be in the range of 500 hectares and project would be completed in a time period of 10 years spread over 3 distinct phases of 3, 4 and 3 years respectively.

The investment framework constitutes equity participation through providing land by the Pakistani side, while rest of the financing coming from China. The venture shall be of co-ownership between the Pakistani side and the Chinese counterparts. Chinese partners shall attract merchants and project investment.

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