Senate body passes ‘Special Technology Zones Authority Bill, 2021’ - Business Recorder

Pakistan
ISLAMABAD: The Senate Standing Committee on Information Technology and Telecommunication on Tuesday passed “Special Technology Zones Authority Bill, 2021” unanimously under which an Authority would be set up to boost the domestic IT sector and attract foreign direct investment in the country by giving 10-year tax exemption to zone developers and enterprises. The committee met with Kauda Babar in the chair here on Tuesday.
Officials from Ministry of Information Technology and Telecommunication briefed committee members regarding Special Technology Zones Authority Bill, 2021.
Officials explained that it is important to provide institutional and legislative support for the technology sector with internationally-competitive and export-oriented structures and ecosystems.
In order to attract foreign direct investment, develop collaborative ecosystem connecting academia, research and technology industry, initiating innovation in production systems and products and to increase the standards and quality of technology goods and services within the country.
This will help increase productivity and decrease the costs of production through high-tech interventions and encourage futuristic entrepreneurship.
It will also help enable job opportunities for educated youth of the country.
According to object and reasons of the bill, to provide institutional and legislative support for national technology sector with internationally competitive and export-oriented structures and...

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