The National Assembly (NA) adopted the Act on Special Technological Zones of 2021 to attract foreign direct investment to the country.
The document says that the Parliament approved a bill related to the development of the Technological ecosystem through the development of IT Zones in the country.
With this act, the government wants to provide institutional and legislative support to the national technology sector, which has an international and export-oriented competitive structure and ecosystem, and to develop cooperation between universities, research and technology industries.
The reason for this Special Technology Zone Authority Act is also to help create jobs in the technology sector and benefit young people through Earnings.
The creation of this body will also create an environment that will attract foreign direct investment, in addition to improving the quality of local technology products and services and promoting innovation.
According to the details, the government will create a Special Technology Zones Authority (STZA), with a Chairman and up to eight members.
The body shall have the exclusive right and authority to plan, formulate policy, implement, monitor and evaluate Prospective areas of IT and related sectors in addition to approving and notifying areas in accordance with rules or regulations.
The Authority can also identify and promote investment opportunities in the technology sector in Pakistan and beyond.