Lahore, The Punjab Government has officially sanctioned the ambitious 'Innovation City Project' in Lahore, earmarking an investment of PKR 100 billion to foster economic growth and generate one million jobs. This initiative is poised to transform Lahore into a hub for innovation and development across multiple sectors.

According to Zameen.Com, the project, now renamed 'Nawaz Sharif Innovation City,' was reactivated and redefined under the auspices of the Punjab Central Business District Development Authority (PCBDA). With an initial allocation of PKR 10 billion from Punjab Chief Minister Maryam Nawaz Sharif, the project is set for a dynamic inception.

The 'Innovation City' is structured around four pivotal sectors: IT City, Education City, Film City, and integrated commercial/residential areas, all aimed at catalyzing comprehensive development. Additionally, the proposal includes the establishment of special economic zones, which are anticipated to offer attractive tax benefits, thereby luring domestic and international investments.

Industry experts emphasize the critical need for prompt and efficient execution of the project to realize its full potential in energizing Punjab's economy and enhancing its appeal to global investors. The 'Innovation City Project' represents a significant step forward in the region's commitment to embracing modernity, fostering innovation, and creating vast employment opportunities.