ISLAMABAD: The National Science and Technology Park (NSTP) SEZ Committee in its second committee’s meeting approved the entry of 23 new enterprises.
After the launch of NSTP, Islamabad, as a SEZ, its colonization began with the entry of both local and foreign R&D-based enterprises.
Amongst these, two companies have already been awarded the Zone Enterprise Status in the committee’s first meeting back in December 2021.
The second meeting was chaired by AVM Dr Rizwan Riaz (retired), Pro-Rector (RIC) NUST and VP NSTP, with officials from federal and district administration in attendance.
The applicants include Japan-based Birdy Ventures doing R&D in agriculture technologies, New Zealand-based API Matic in software interface development, US-based Logreg in digitalizing retail industry for contact-less shopping, US-based Software Productivity Strategists in digital solution building, UK-based Vialogic in Digital Identity and Cyber Security solutions.
Among the local companies Avionics Solutions doing R&D in the production of aircraft electronics systems and Horizon Tech in the production of highly-secured Cyber Security products, are both working on import substitutes.
Other local companies include NUST Holdings as well. Block360 in Financial and Block chain technology, Vyro in image processing, Fides, AarSol and Evamp and Saanga as Digital Enterprise Solutions, Prop Sure and GIS Plus Digitization and mapping of real estate industry in Pakistan, mim AR on making use of AR and VR in Architectural Visualization, Zaytrics on prevention of Cyber Crimes using AI and ML, abc Data in Investment platform for Pakistani market, AMT Electric in Smart Buildings Solutions and LearnObots in Education Technologies Development.
Health Technologies companies include Erays for the production of footwear for diabetic patients, Cognitive Healthcare International for providing healthcare using wireless wearable medical devices and Xylexa for providing solution for early detection of breast cancer.
All in all, these companies will be investing more than 2.5 billion PKR in Research and Development for the production of their respective products/solutions. 1400+ direct and indirect jobs have been created by these companies which shall be adding $12 million to the overall country export.
The applications for zone enterprise entry and allotment of offices were submitted and processed via SEZ’s MIS Module designed by the Federal Board of Investment. The module ensures transparency and facilitation and works as one window operation. This is based upon the vision of the government to ensure ease of doing business. Alongside the allotment of land/offices, these enterprises are now entitled to SEZ’s benefits, including customs duties and tax exemption under the SEZ Act, 2012.
This status shall give import duty and income tax exemptions to these enterprises which will catalyze their transformation into a national and regional success, in turn uplifting the socioeconomic environment for the masses by way of rapid production of disruptive technologies, helping to improve the nation’s Global Innovation Index standing.
The NSTP is a project established by the National University of Science and Technology (NUST), that was awarded the SEZ status by the Prime Minister in the 6th meeting of the Board of Approvals, held on October 7, 2020.
Copyright Business Recorder, 2022
Comments
Comments are closed.