The schematic and initial design of the Karachi IT Park has been completed, indicating significant progress in the project's development.Sources in the Pakistan Software Export Board (PSEB) told ProPakistani that the conceptualization, schematics, and initial designs for a project led by the Korean Design Consortium, particularly M/S JUNGLIM Consortium, have been finalized. These designs incorporate architectural and ICT elements.According to the sources, the detailed design work of Karachi IT Park is slated for completion by May 2024. Construction of the project is scheduled to commence in the fiscal year 2024-2025, with an expected conclusion in July 2027.The Karachi IT Park project was approved by the Executive Committee of the National Economic Council (ECNEC) in its meeting held on June 4, 2021, at a capital cost of Rs. 31.1 billion ($186.658 million), including Rs. 26.48 billion ($158.416 million) from the Korean Exim Bank as a loan and a Public Sector Development Program (PSDP) local share of Rs. 4.72 billion ($28.242 million).The park will be an eleven-story building (with 8 stories above and 3 stories underground) covering an area of 106,449 square meters. The park will have offices, testing laboratories, classrooms, an industry-academia linkage center, an auditorium, and other facilities. It will house around 210 IT companies with almost 8,400 employees.The Federal Minister for IT and Telecom Syed Amin Ul Haq on Nov 08, 2022, laid the foundation stone for Pakistan's largest Information Technology Park in Karachi.According to PSEB officials, technology parks serve as hubs for innovative businesses to thrive and evolve.These parks typically offer expansive spaces conducive to business development. Governments worldwide frequently invest in such initiatives to stimulate both regional and national economies. The primary benefits of technology parks include fostering a knowledge-based economy, promoting entrepreneurship, and fostering the development of cutting-edge technologies within the regio n.Source: Pro Pakistani