ISLAMABAD – Pakistan and South Korea signed an agreement on Tuesday for establishing first state-of-the-art Information Technology Park in Islamabad.

The agreement to this effect was signed between Ministry of Information Technology and Korea Exim Bank for Rs 10 billion loan agreement, reported Radio Pakistan.

Minister for Finance Ishaq Dar, who witnessed the signing ceremony, said the federal government has a clear programme as part of Prime Minister’s vision of Digital Pakistan.

He added that the Awami Markaz building in Islamabad was converted into a software park during previous tenure of PML-N and now a proper multi-purpose park is to be established with the assistance of South Korea.

Dar pointed out that Korea had helped construct Pakistan’s first motorway, the Islamabad-Lahore Motorway.

Minister of State for Information Technology Anusha Rehman said the modern technology park would help realise the dream of a digital Pakistan.

She said after Islamabad, information technology parks would also be established in Karachi and Lahore.

Anusha Rehman said Islamabad Park, spread over 42 acres of land, will have a data centre and capacity to accommodate more than one hundred IT companies.

Representative of the Korean Exim Bank said his institution decided to cooperate with Pakistan in IT field in view of the vast potential of the country in the sector.

He said the Korean Exim Bank is willing to contribute towards socio-economic development of Pakistan.