South Korea building $50 million IT park in Islamabad

South Korea is building a $50 million IT park in Islamabad, Pakistan.

South Korean Ambassador Song Jong-Hwan said the Exim Bank of Korea has agreed to provide $50 million for the establishment of the park and South Korean teams are expected to conduct a feasibility study with assistance from the Ministry of IT and Pakistan Software Exports Board (PSEB), Dawn online reported.

It is expected that the IT park — measuring about one million sq.ft. — will attract international companies to develop software and hardware solutions and will also help boost the country’s IT exports.

Song said bilateral trade between the two countries has declined by almost 34 percent in the last three years and said this should be a cause for serious concern for both sides.

The envoy said that Korea was cooperating with Pakistan in the energy sector as well and that the Korean Importers Association was looking for partners to import thousands of tonnes per month of good quality copper ore from Pakistan.