Pakistan -An Emerging Technology Destination
Internet Penetration in Pakistan
Special Technology Zones Authority Act, 2021
Benefits of STZA
Previous Technology Acts
- PTA 2017-19/No. 1-1/3, dated 22nd February 2018
- PTA 2017-17/No. 1-1/3, dated 13th August 2017
- Telegraph Act 1885
- Wireless Act
Leading Points of STZA
Triple Helix Model of Innovation
The idea of establishing a special technology. zone in Pakistan to aid their knowledge economy is not new. However the STZA was. established with this mission, and its success can be. seen by looking at how it has helped create an innovative environment that. incubates disruptive innovation through partnerships between academics, industry representatives. from all walks of life (both local and international), as well government. departments who share common goals for development. within the country’s newest economic sector: Research & Development Park Authority
Enterprises are businesses that are. permitted to operate inside designated technology zones and are. supposed to promote innovation, entrepreneurship, research. and development, and the creation of technology jobs.
Incentives Under This Act
- Special Currency Account eligibility. Investments, profits, and dividends are all fully repatriable.
- All legal payments made overseas are permitted without restriction
- Ease of Opening and Maintaining Forex Accounts
- The exemption is valid for ten years from the date of license issue.
Functions of the Authority
- The EITI has been globally recognized as the yardstick for transparency in investment. In fact the organization will test national policies, laws and regulations that. affect zones from time to time along with any suggestions about. changes or adjustments by Federal Government Provinces Local Governments.
- Moreover we are here to help you get your investment proposal approved! We will start and consider Zone proposals for investments that must specific treatments. or interventions, as well as recommend extra incentives if necessary.
- Consequently take part in the formulation of all policies that will have an impact on technology. sector investment in Pakistan, including economic, fiscal, and trade policies;
- Moreover coordinate with Ministries, departments, agencies, and Provincial or Local. Governments on policies and their implementation that affect technology sector investment;
- identify and promote Technology Sector investment opportunities both within and outside Pakistan.
Budget, Finance and Audit
- Similarly the Authority will create its own budget for each financial year under the approved. procedure and present it to the Board for approval.
- Moreover the Budget statement must contain the expected receipts and expenditures. as well as the amounts anticipated to be. required from the Federal Government in the next fiscal year.
- Consequently the Authority is. required to keep comprehensive and accurate records of its income and expenditures.
- Similarly the Federal Government, Provincial Governments, and Local Governments will make yearly grants to the Authority for the smooth operation of its business from time to time.
- However for the sake of attaining the goals of this Act, the Authority will receive domestic and foreign funding.
- Similarly the Authority must establish a non-lapsable fund to be. known as the Special Technology Zones. Authority Fund, which must vest in the Authority and be. used to cover any expenditures and charges incurred in carrying out the purposes of this Act. Moreover all funds received by the Authority will be. credited to the Fund. The Fund will be. funded by:
- fees, commissions, charges, and other amounts received by the Authority;
- funds provided by the Federal Government for the payment of salaries, the establishment. of infrastructure, and the day-to-day operations of the Authority. as a one-line budget
What are the Criteria to be Selected as a Zone Enterprise?
To start, the initiator considers zone investment proposals. for approval that will must specific treatments or interventions. Next, they recommend more incentives if. appropriate to the Federal Government, Provincial governments, Or Local Governments.
Pakistan has vast untapped potential in the tech industry. In fact the tech industry could prove to be a gold mine for the state. if guided considering the fact that Pakistan has large human capital and that as well. being young. Consequently STZA (Special technology zone authority) will prove to be one. of the effective steps taken to the path of capitalizing on the Tech industry.