China keen on setting up joint venture project at Information Technology (IT) Park -Pakistan Press Foundation (PPF)

Paksitan Press Foundtion

China keen on setting up joint venture project at Information Technology (IT) Park

KARACHI- A high profile 8-member Chinese delegation, currently visiting Pakistan expressed keen interest in setting up joint venture projects at Indus Technology Park in Karachi.

The delegation, led by Mr. Liu Xue Hong, held meetings with the officials of Sindh Information Technology Board. The Indus Technology Park (Guaranty) Limited, a company formed by Sindh Industrial and Trading Estate (SITE) Limited, Sindh Government and the Private Sector. The delegation also visited the offices of Cyber net and Cresoft, the private sector companies dealing with Information Technology, where they were given detailed briefing on the proposed IT Park. Later the delegation visited the site selected for setting up IT Park near Gulshan-e-Maymar.

The delegation was informed that the Sindh government has earmarked 50 acres of land for IT Park and the SITE Limited, one of the share holder of the Indus Technology Park (Guaranty) Limited, is providing seed money to develop infrastructure at the site.

Mr. Asim Zafar, Vice President (Operations) of the Cresoft and Mr. Khursheed Shah of Sindh IT Board, who made detailed presentation before the delegation on the Master plan and the feasibility of the proposed IT Park, later told this agency that they suggested the Chinese dignitaries, representing three corporations of China namely CElC, China Soft and the China Electronic Corporation, to sign Memorandum of Understanding (MoU) which was responded positively.

They told that under the Master Plan, 250 companies could be accommodated in the IT Park, where an IT University, Software Houses, Training Houses, Hardware Houses and Call Centers are to be established. Besides, the IT Park will have its own satellite. Out of 50 acres of land, 32 acres have been earmarked for commercial purpose and 18 acres for residential purpose, they added.

This mega project is expected to be completed by 2003 and for its accomplishment foreign investors are being approached. “We are not focusing on local investors. Though there are no restrictions on local investors, however, we are looking for foreign investment as it requires huge money along with transfer of technology,” they said adding that the foreign investors would be offered free export processing zone facilities.

The Chinese delegation also held meeting with representatives of private sector in the afternoon at a local meeting. The delegation is scheduled to call on Governor Sindh Muhammadmian Soomro Minister Finance and Vice-Chairman Sindh IT Board, Dr. Abdul Hafeez Shaikh and Minister for Industries, Dewan Muhammad Yousuf Farooqui, on Thursday.

Source: The Nation
Date:5/24/2001