NUST signs agreement with consortium for development of technology park

ISLAMABAD: 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 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, Shahid Ahmad Khan – Senior Partner International Consulting Associates, Shahrukh Iftikhar – Senior Associate Partner ABS & Co and Farid Alam – CEO AKD Securities Ltd, among other notable dignitaries from NUST and the industrial community.

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.

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.-PR

Copyright Business Recorder, 2021