Punjab Approves Innovation City Project of Rs 100 Billion

Punjab Approves Innovation City Project of Rs 100 Billion

The City of Lahore

The Punjab government has unequivocally granted its approval to the long-awaited Innovation City project in Lahore, a development plan estimated to cost one hundred billion rupees and have the potential to create one million employment.

The undertaking is capable of transforming the landscape and serving as a catalyst for development in the provincial capital of Punjab. Despite the efforts made during the previous tenure of Chief Minister of Punjab, Mian Shehbaz Sharif, the project failed to come to completion.

The development and implementation of this city, which has since been renamed “Nawaz Sharif Innovation City,” have been transferred from the Lahore Knowledge Park Company to the Punjab Central Business District Development Authority.

Maryam Nawaz Sharif, chief minister of Punjab, approved this venture on Tuesday and allocated ten billion rupees as initial capital.

It will partition the undertaking into four essential segments. The first is the IT city, which will encompass 200 acres and feature a district dedicated to information technology and technological advances. Upon its completion, this will constitute the inaugural IT and technology mega district in the nation, equipped with cutting-edge auxiliary facilities to facilitate the development and exportation of IT-related goods and services. Prominent international academic institutions and leading IT corporations, including Microsoft and Oracle, have designated the initiative as a focal point.

The Education City, where partnerships with foreign universities to advance research and development and provide high-quality education, is another crucial component. The third component is Film City, which will contain state-of-the-art studios, production houses, and artistic facilities subordinate to the establishment of a comprehensive entertainment ecosystem.

The final segment consists of a commercial and residential zone that will feature state-of-the-art living accommodations and amenities. About the road, water, and sewage systems, the entire undertaking will be equipped with designated areas for parks and verdant spaces.

A ten-year tax exemption will be granted to all special economic zones associated with the undertaking. Included in the revenue models of the authority are self-production, REI, and joint ventures. An estimated 400 billion rupees in investments are anticipated to be attracted through joint ventures and public-private partnerships.

According to experts in the infrastructure, education, and IT industries, the success of this megaproject is contingent on the speed with which their claims materialize. “As was previously observed, this endeavor, formerly referred to as the knowledge city, did not come to fruition as anticipated.

Although the name has been altered, the offerings remain largely unchanged. This is an enormous undertaking that undoubtedly requires the active involvement of foreign businesses, organizations, academic institutions, and film production companies. Furthermore, the jurisdiction is confronted with interdepartmental and structural challenges, as well as various bureaucratic obstacles.

They added, however, that this project, if effectively completed, could stimulate the provincial economy and transform it into an ideal investment hub for foreign corporations and universities to collaborate on research, development, and other related studies.

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