ISLAMABAD, Apr 23 (APP):Chairman, Islamabad Special Technology Zones Authority (STZA) Amer Hashmi on Friday said that the Islamabad Special Technology Zone (STZ) would attract $ 100 million Investment in the next 5 Years to contribute to the national economy.
Chairman STZS said the first Technology Park in the Islamabad STZ based on 150 acres of land in the Islamabad Capital Territory would be established soon, said a press release issued here.
Special Technology Zones Authority and iENGINEERING Corp. signed MoU with Special Technology Zones Authority (STZA) to build the first Technology Park in Islamabad in the Prime Minister Secretariat.
According to the Memorandum of Understanding, both the organizations would 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 innovation and collaboration, Amer Hashmi said.
The Chairman, Special Technology Zones Authority (STZA) said that the land had been identified and approved by the Capital Development Authority (CDA) and the land had been earmarked for the establishment of the Islamabad Special Technology Zone.
He said the Islamabad Special Technology Zone (STZ) would include the state-of-the-art iENGINEERING Technology Park.
The Chairman, STZA said the Park would develop a business campus, which would comprise of a cluster of midrise energy efficient buildings over 250,000 sq. ft in Islamabad STZ with initial investment of $ 2 million and would create more than 2,500 highly skilled jobs and generate over $ 100 million in the next five years.
He said the Park would accommodate local and foreign technology companies with Pakistani descent owners, startups, and tech hubs which would initially materialize up to $ 50 million of zone enterprise cumulative annual revenue for Islamabad STZ.
The Special Technology Zones Authority has been mandated to develop a technology-driven knowledge ecosystem to encourage hi-tech innovative solutions and futuristic entrepreneurship, he said.
He informed that STZA will develop a national network of Special Technology Zones which will change the economic outlook of Pakistan by enhancing IT exports and encouraging technology and knowledge transfer from global technology hubs.
He said that the Special Technology Zones Authority has been mandated to provide legislative and institutional support to encourage investments and high-tech business in the technology zones across Pakistan.
Aamer Hashmi said that the STZA has initiated the work to establish the first Special Technology Zone (STZ) in Islamabad.
He said the Islamabad Special Technology Zone will be the flagship project of the Special Technology Zones Authority (STZA).
In order to create the state-of-the-art infrastructure that can facilitate the business environment, a MoU has been signed between the STZA and iENGINEERING Corporation, he said.
While addressing the gathering, Chief Executive Officer of iENGINEERING Corporation Riaz Ahmad stated that iENGINEERING Technology Park will have the first mover advantage for the pilot technology zone of the Islamabad STZ.
He said that it will focus on transforming cost centers into profit centers, which will significantly increase revenue capacity.
He informed that iENGINEERING Technology Park plans to facilitate acquisition of foreign Pakistani-descent businesses by providing a mechanism for zone enterprises to invest their profits and acquire new customers and generate new revenue streams.
He further said, “that iENGINEERING Corporation has more than 20 years of unique operational experience in the technology sector in the USA and Pakistan.”
While welcoming the first Tech Park developer, Chief Executive Officer of Islamabad STZ, Aamer Saleemi assured his full support in early execution of the project.
He said that Islamabad STZ will act as a catalyst for enhancing the Information Technology (IT) exports of Pakistan and it is expected to attract more than $350 million Foreign Direct Investment (FDI) in the technology sector which will provide job opportunities to more than 200,000 youth of Pakistan.
He said that Islamabad STZ will be first place of choice in the region for the global tech companies and expatriates due to its state-of-the-art technology supportive infrastructure, lucrative tax incentives and one-window services.
Chief Executive Officer of Islamabad STZ said that Prime Minister, Imran Khan, as President of the Board, STZA is an autonomous body established under the Cabinet Division, Government of Pakistan.
The Authority has been mandated to promote the knowledge-based national ecosystem for stimulating and enhancing the multi-dimensional collaboration between technology industry, academia, and government for 21st century innovation, entrepreneurship, and new technology creation, he informed.
He said the Government of Pakistan has committed to develop the technology sector in Pakistan.