The Special Technology Zones Authority (STZA) and 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.
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 development of a knowledge ecosystem driven by research, innovation and collaboration.
Amer Hashmi, Chairman STZA, stated 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 organisations means that the groundwork is in place for STZA’s flagship project, the Islamabad STZ, to break ground soon.
The Technology Park 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 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.