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 serve two common purposes: building a technology-drive Pakistan and create thousands of jobs.
The signing ceremony was held in Islamabad and attended by members of both the organizations, technology sector professionals, and government officials. As per the MoU, both the two organizations will work together to reach high-tech industrial growth, create job opportunities, upskill the youth, and invite Foreign Direct Investments (FDI) through the development of a knowledge ecosystem that is research, innovation, and collaboration is driven.
Mr. Amer Hashmi, Chairman STZA, expressed that the Technology Park in the Islamabad STZ will endorse innovative solutions and provide futuristic entrepreneurship opportunities for the younger generation of Pakistan. Also, the STZA team 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 two organizations means that the arrangements are 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 extend to an area of 650,000 sq. ft. which will offer a complete ecosystem comprising 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 5000 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, Mr. Wajid Gulistan, Chief Executive Officer of Rapidev, also envisions equipping 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. He mentioned that the goal will be to provide all resident companies, including startups, SMEs, and multinationals 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”.
Last but not least, The MoU with Rapidev DMCC on 3 Pol Technology Park is STZA’s second recent one after the former MoU was signed with engineering Corporation. It is envisioned that a cluster of Technology Parks will form within the Islamabad STZ as the Zone materializes over the years.
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