A Memorandum of Understanding (MoU) was signed by the Special Technology Zones Authority (STZA) and Rapidev DMCC to create a Technology Park in Pakistan’s first Special Technology Zone (STZ) in Islamabad, a state-of-the-art development that will facilitate a high-tech business environment.
According to the MoU, both organisations will work together to develop a knowledge ecosystem driven by research, innovation, and collaboration in order to achieve high-tech industrial growth, create job opportunities, upskill the youth, and attract Foreign Direct Investments (FDI) through the development of a knowledge ecosystem.
The Technology Park at the Islamabad STZ, according to Amer Hashmi, Chairman STZA, will foster new solutions and create futuristic entrepreneurial chances for Pakistan’s young. The STZA team also discussed how Special Technology Zones (STZs) might improve Pakistan’s economic prospects by increasing IT exports and fostering technology and knowledge transfer from global technology centres. The signing of the Memorandum of Understanding between the two organisations means that the framework for STZA’s flagship project, the Islamabad Special Economic Zone, is now in place.
The Technology Park will cover 650,000 square feet and provide a comprehensive ecosystem with all of the required facilities to support innovation. Technology towers, cutting-edge R&D labs, production and manufacturing plants, certified testing centres, wellness facilities, and a centre of excellence will be available to resident enterprises. With a US$100 million investment, the project is expected to generate more than US$200 million in income over the next five years, creating more than 5,000 highly trained employment.