Rapidev DMCC, a technological solutions provider located in the United Arab Emirates, will develop a Technology Park in Islamabad’s first Special Technology Zone (STZ).
A Memorandum of Understanding (MoU) was signed in this regard by the Special Technology Zones Authority (STZA) and Rapidev DMCC.
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.
Special Technology Zones (STZs), according to the STZA, have the ability to improve Pakistan’s economic outlook by increasing IT exports and encouraging technology and knowledge transfer from global technology hubs.
The 3 Pol (People, Purpose, Passion) Technology Park will cost US$ 100 million to construct and will cover a total area of 650,000 square feet. Technology towers, R&D labs, production and manufacturing plants, certified testing centres, wellness facilities, and a Center of Excellence will be available to resident enterprises.
In the following years, the initiative is expected to produce over 5000 highly skilled jobs and earn over $200 million in income.
The Memorandum of Understanding with Rapidev DMCC on 3 Pol Technology Park is STZA’s second, following the Memorandum of Understanding with iEngineering Corporation.