In a bid to generate jobs in the knowledge-based industry, the Quark on Tuesday launched its $500 million 'Quarkcity' project in Mohali to 'offer opportunity and infrastructure' to the people of Punjab.

Punjab Chief Minister Capt Amarinder Singh laid the foundation stone of the project.

"The project is likely to generate revenue for the state in addition to the 25,000 direct and 100,000 indirect jobs," the chief minister said addressing the gathering.

Maintaining that the state as well as the country was passing through a 'difficult' economic period, he underlined the need for a shift from agrarian economy to keep pace with the development in the world.

The state could never develop if industries do not come and start employing youth, he said.

Cautioning that the WTO regime was affecting the country as well as the state, the chief minister said that there was need for quick transformation from current cropping pattern in the agrarian sector.

Singh said that the youth of the country was faced with a bleak future if they were left behind in this electronic age.

He said that biotechnology was an area where the youths have lot of future. "The thrust of government is on biotechnology," he added.

Earlier, Quark chairman Fred Ebrahimi told reporters that through Quarkcity, the company had introduced new and futuristic dimensions of construction.