Korean bank to put in $50m for IT Park

Islamabad
The Korea’s Exim Bank has agreed to provide $50 million for establishing first-ever IT Park in Islamabad having an area of 45 acres of land.
Ambassador of Korea Song Jong Hawan called on the Minster of State for IT & T Anusha Rahman here on Wednesday.
The minister requested him to provide $50 million facility without any delays. She referred to the friendly ties between Pakistan and Korea and emphasised the need for further strengthening cooperation between the two countries. She sought the ambassador’s support in fast implementation of the project of setting up first “IT Park” in Pakistan which is being established in Islamabad with the financial assistance of Exim Bank Korea. The ambassador assured the minister that he will personally follow up with the Korean government and the management of Korean Exim Bank to ensure that the implementation timelines of the IT Park Project are fully met.
The minister also referred to other segments of the IT sector where there was rich potential for cooperation between Pakistan and Korea. She mentioned Pakistan’s potential to expand broadband penetration which currently stands at around 3 percent. Korean investment in expansion of the broadband network could be immensely beneficial for Pakistani consumers and Korean investors. Korean companies, being more advanced in technology, can tap this potential and get optimum benefits of this opportunity. With cheap labour market and special tax incentives being offered to investors by the government, Pakistan is an attractive market in the field of telecom and ICT in general.
The minister also informed the Korean ambassador of the auction of unsold spectrum of 20MHz which is expected to be held in June this year. The minister said that this is a very attractive opportunity of investment for Korean telecom companies.
The ambassador was requested to encourage Korean companies to participate in the upcoming auction.
The Korean ambassador highly appreciated the initiatives of the present government and assured full support of his government to make these endeavours successful.