The National University of Sciences & Technology (NUST) signed an agreement with a multinational consortium led by International Consulting Associates (ICA) for the development and expansion of National Science & Technology Park (NSTP), Pakistan’s first STP, at NUST Islamabad campus, at an auspicious ceremony on Wednesday
Islamabad (Pakistan Point News - 15th July, 2021) The National University of Sciences & Technology (NUST) signed an agreement with a multinational consortium led by International Consulting Associates (ICA) for the development and expansion of National Science & Technology Park (NSTP), Pakistan’s first STP, at NUST Islamabad campus, at an auspicious ceremony on Wednesday.
The Transaction Advisory Services agreement between NUST and the multinational consortium led by iConsult, will augment NUST’s plans to develop NSTP by constructing eight towers in four phases over next 10-12 years on Public Private Partnership (P3) basis, over close to 60 acres of land at its H-12 campus, Islamabad.
Special Economic Zone status – availing income tax and import duty exemptions for 10 years – has already been conferred on the project to provide incentive support by the government.
Taking place at Tech Sanctum – NSTP auditorium, the ceremony was graced by the presence of Mr Shibli Faraz, Federal Minister for Science & Technology (MoST) as chief guest. Prominent amongst others present at the occasion were Dr Qaiser Majeed Malik – Additional Secretary for Ministry of Science and Technology, Engr Javed Mahmood Bukhari, Rector NUST, AVM Dr Rizwan Riaz, Pro-Rector Research, Innovation & Commercialisation (RIC) and Vice President NSTP, Mr Shahid Ahmad Khan – Senior Partner International Consulting Associates, Mr Shahrukh Iftikhar – Senior Associate Partner ABS & Co and Mr.
Farid Alam – CEO AKD Securities Ltd, among other notable dignitaries from NUST and the industrial community.
In December 2019, NUST established NSTP with a mandate to serve as an internationally proven vehicle for promotion of science, technology and innovation by facilitating cooperation amongst research centres, industry, communities and government to create stronger knowledge-based activity in Pakistan’s economy.
The pilot building is already home to a mix of anchor tenants, hi-tech SMEs and startups doing cutting edge research and innovation in select thematic verticals of national and international significance.
Speaking at the ceremony, Minister MoST lauded NUST’s trailblazing efforts at the all-important STPs front. He stated that strengthening and upgrading the innovation ecosystem of the country was his government’s top priority.
Under the leadership of Prime Minister Imran Khan, the Government of Pakistan is devising first startup ecosystem policy, which aims to solve the challenges facing national startup ecosystem.
AVM Dr Rizwan Riaz said that NUST puts great emphasis on R&D, Innovation, and Entrepreneurship. Landmark initiatives like NSTP and NUST Interdisciplinary Cluster for Higher Education (NICHE) were groundbreaking steps that will decisively help in revolutionising the technological and industrial landscape of Pakistan. He maintained NUST has developed a "Triple-Helix Alliance" between the university, government, and business enterprises to create an inclusive Knowledge Ecosystem, which will create a synergy that catalyses the growth of new industries based on knowledge instead of natural resources.
