ISLAMABAD: The Special Technology Zones Authority (STZA) and Rapidev DMCC have signed a memorandum of understanding (MoU) to establish a technology park in Pakistan’s first Special Technology Zone (STZ) in Islamabad.
According to the MoU, both organizations would work together to achieve high-tech industrial growth, create job opportunities, up-skill the youth, and attract foreign direct investments (FDI) through the development of a knowledge ecosystem driven by research, innovation and collaboration.
The state-of-the-art development would facilitate a high-tech business environment, generate revenue of $200 million, and create 5,000 new jobs in the next five years, the statement said. It would be spread over 650,000 square feet and offer a complete ecosystem to foster innovation.
STZA Chairman Amer Hashmi said the park would encourage innovative solutions and provide futuristic entrepreneurship opportunities for the youth of Pakistan.
The STZA team also addressed how the STZs has the potential to change the economic outlook of Pakistan by enhancing IT exports and encouraging technology and knowledge transfer from global technology hubs. It said the groundwork was in place for STZA’s flagship project, the Islamabad STZ.
The facilities offered to resident companies would include technology towers, cutting edge R&D labs, production and manufacturing plants, certified testing centres, wellness facilities and a centre of excellence.
Rapidec CEO Wajid Gulistan said that a research and training academy envisions equipping the youth of Pakistan with high-tech knowledge and skills. The aim would be to provide all resident companies, including startups, SMES and multi-nationals with access to all available facilities.
“Our mission is to make Pakistan the fastest growing exporting country in the world and make ‘Made in Pakistan’ a symbol of quality,” he added.