March 15 marked a pivotal moment for Punjab’s economic and technological landscape as Chief Minister Maryam Nawaz Sharif gave the green light to the Nawaz Sharif IT City project in Lahore. Spanning across 853 acres adjacent to the Pakistan Kidney & Liver Institute and Research Centre (PKLI), the endeavor is aptly named Nawaz Sharif IT City.
With an initial funding of 10 billion rupees allocated by the Punjab government, this initiative underscores a firm commitment to fostering IT development and driving economic growth within the region. Overseeing this ambitious project is the Punjab Central Business District Development Authority, tasked with its efficient implementation and management.
Comprising four key segments, the project is strategically designed to cater to various sectors. The IT & Tech District will serve as a magnet for IT companies, startups, and tech-oriented businesses, fostering an environment conducive to innovation and technological progress. Simultaneously, the Education City will dedicate space to educational institutions and research centers, promoting collaboration between academia and industry while nurturing a skilled IT workforce.
Additionally, the Film City segment aims to bolster the local film and entertainment industry by providing essential facilities and infrastructure for filmmakers and artists. The project also encompasses Commercial and Residential Areas, offering a balanced mix of commercial spaces and residential units to meet the diverse needs of the community.
The inaugural phase will focus on erecting the Celestia twin-tower IT building, a cutting-edge facility projected to be completed within 12 months. To ensure meticulous planning and execution, the project will leverage the expertise of Nespak, a leading engineering consultancy firm, in collaboration with an international consultant.
A key highlight of the Nawaz Sharif IT City project is its potential to generate nearly one million job opportunities. This will be realized through a range of revenue models and enticing tax incentives aimed at attracting both local and foreign investments.
To showcase the project’s progress and entice potential investors, CBD Punjab intends to organize roadshows and promotional events. The formal agreement to commence this transformative project was inked by Director Project Management CBD Punjab, Asif Iqbal, and General Manager of China Machinery Engineering Corporation (CMEC), Wei Guang, during a recent visit by the Punjab Central Business District Development Authority’s delegation to CMEC’s headquarters in China.
This significant collaboration signifies a paradigm shift in the Sino-Pak relationship, aimed at expediting the implementation of innovative ventures through international investments. With this landmark agreement in place, CBD Punjab and Nawaz Sharif IT City are poised for unparalleled growth, ushering in a new era of progress for the Punjab province.
