Introduction
In a bid to bolster Pakistan’s technology sector, a recent report by Business Recorder unveils an ambitious project set to reshape Lahore’s skyline. An agreement has been inked to erect a 36-story technology tower valued at approximately $70 million. This groundbreaking endeavor is a collaborative effort between the Special Technology Zones Authority (STZA) and the CODE Science and Technology Park (CODE STP), a privately managed technology zone company based in Pakistan.
The Mark: A Flagship Project
The CODE Science and Technology Park (CODE STP) has clinched a zone development agreement for their flagship project, dubbed ‘The Mark.’ Spearheaded by Hamza Saeed Orakzai, the Chief Market Development Officer at STZA, the project aims to foster export-oriented technology firms in services, research and development (R&D), and product markets.
Investment and Operational Timeline
Orakzai highlights Pakistan’s emergence as a supply-side market for the global technology sector, citing competitive technical labor at a fraction of the cost. The investment size for ‘The Mark’ amounts to Rs. 20 billion (approximately $70 million), with expectations to operationalize by 2026. Upon completion, it is poised to become the tallest technology tower in Johar Town, Lahore.
Facilitating Growth
The project fills a critical gap in the market, catering to the space needs of both foreign and local technology companies. Orakzai emphasizes the importance of specialized ecosystems, enabling companies to scale efficiently. ‘The Mark’ is projected to accommodate between 7,000 to 8,000 individuals during a single shift, providing ample space for innovation and collaboration.
Sector Focus and Alignment
Aligned with STZA’s notified 48 segments of the technology sector, ‘The Mark’ will host a diverse array of companies. These encompass areas such as R&D, IT, Internet of Things (IoT), artificial intelligence, Agri-Tech, biotech, semiconductor, robotics, blockchain, and other emerging technology segments.
Government Support and Collaboration
Aamer Saleemi, an STZA official, reaffirms the authority’s commitment to transformative projects like ‘The Mark.’ The collaboration between CODE STP and STZA signifies a unified effort to redefine Pakistan’s technological landscape. Akbar Shaukat, a Board Member at CODE STP, hails the Zone Developer license as a pivotal step towards elevating Pakistan’s tech sector.
Economic Revitalization
Abid Hussain of CODE STP underscores the significance of ‘The Mark’ in driving sustainable economic revitalization. Beyond mere construction, the project symbolizes a dynamic interface between the private sector and government initiatives. It embodies a vision for a technologically empowered Pakistan.
Conclusion
The Mark’ stands as a testament to Pakistan’s strides in technological innovation and economic development. With its towering presence, it promises to be a beacon of progress, fostering collaboration, and catalyzing growth in Lahore’s tech landscape.
FAQs (Frequently Asked Questions)
1. What is ‘The Mark’ project in Lahore? ‘The Mark’ is a 36-story technology tower being constructed in Lahore, aimed at bolstering the city’s technology sector.
2. Who are the key players involved in the project? The project is a collaboration between the Special Technology Zones Authority (STZA) and the CODE Science and Technology Park (CODE STP).
3. When is ‘The Mark’ expected to be operational? It is projected to be operational by 2026, upon completion of construction.
4. What sectors will be accommodated in ‘The Mark’? The project will host companies from various technology sectors, including IT, R&D, artificial intelligence, and blockchain, among others.
5. How will ‘The Mark’ contribute to Pakistan’s economy? ‘The Mark’ aims to drive sustainable economic revitalization by providing a conducive environment for technological innovation and growth.