- The state-of-the-art Technology Park in Islamabad STZ will generate revenue of $200 million and create 5,000 new jobs in the next five years.
ISLAMABAD, Pakistan: The Special Technology Zones Authority (STZA) and the Rapidev DMCC signed a Memorandum of Understanding (MoU) to establish a Technology Park in Pakistan’s first Special Technology Zone (STZ) in Islamabad, a state-of-the-art development that will facilitate a high-tech business environment.
The signing ceremony was held in Islamabad and attended by members of both the organizations, technology sector professionals, and government officials.
According to the MoU, both the organizations will work together to achieve high-tech industrial growth, create job opportunities, upskill the youth, and attract Foreign Direct Investments (FDI) through the development of a knowledge ecosystem driven by research, innovation, and collaboration.
The Chairman STZA Mr. Amer Hashmi said that the Technology Park in the Islamabad STZ will encourage innovative solutions and provide futuristic entrepreneurship opportunities for the youth of Pakistan.
The STZA team also addressed how the Special Technology Zones (STZs) have the potential to change the economic outlook of Pakistan by enhancing IT exports and encouraging technology and knowledge transfer from global technology hubs.
The signing of the MoU between the organizations means that the groundwork is in place for STZA’s flagship project, the Islamabad STZ, to break ground soon.
The 3 Pol (People, Purpose, Passion) Technology Park by Rapidev, will spread over an area of 650,000 sq. ft. which will offer a complete ecosystem including all the necessary facilities to foster innovation.
The facilities offered to resident companies will include technology towers, cutting edge R&D labs, production and manufacturing plants, certified testing centers, wellness facilities and a Center of Excellence.
With an investment of US$ 100 million, the project is expected to create more than 5,000 highly skilled jobs and generate over US$ 200 million of revenue in the coming few years.
By the addition of a Research and Training academy at the Park, the Chief Executive Officer of Rapidev Mr. Wajid Gulistan also envisions to equip the youth of Pakistan with high-tech knowledge and skills.
While addressing the gathering, Mr. Gulistan stated that the Park will be a one-of-its-kind in Pakistan – a hub of research, innovation, and technology.
Mr. Wajid Gulistan mentioned that the aim will be to provide all resident companies including startups, SMES and multi-nationals with access to all available facilities. He concluded by stating that “Our mission is to make Pakistan the fastest growing exporting country in the world and make ‘Made in Pakistan’ a symbol of quality”.
The MoU with Rapidev DMCC on 3 Pol Technology Park is STZA’s second recent one after the former MoU was signed with iEngineering Corporation.
It is envisioned that a cluster of Technology Parks will form within the Islamabad STZ as the Zone materializes over the years.