Iqbal Institute of Policy Studies in collaboration with Graana Group of Companies on Wednesday launched its Research and Innovation Lab for data compilation/analysis and policy recommendations for leading sectors, especially the real estate sector.

In this regard, a simple but impressive launching ceremony was held here.

The Lab is based in the National Science & Technology Park at the National University of Science and Technology (NUST), Islamabad, and will be a game changer in the development of Pakistan.

The Research and Innovation Lab is a step towards the transformation of Pakistan's development sector driven by the technology and innovation happening all across the world.

The engineering teams at the Lab will work towards implementation of AI and Blockchain to revolutionize many sectors of the country.

Keeping a strong focus on programme management in the research and mapping of opportunities in diverse sectors, the programme managers at the Lab will work to further strengthen the collaboration of academia and industry.

Addressing the launch event, Shafiq Akbar, chairman of Iqbal Institute of Policy Studies (IIPS) and CEO of Graana Group stated that the Innovation Lab will revolutionize various diverse sectors through research and policy-making, especially the real estate which is the second largest employment sector in Pakistan after agriculture and has the potential to transform 70-75% of our country's economy.

Lt.-Gen (retd) M. Haroon Aslam, President of the Advisory Board of the Iqbal Institute of Policy Studies, said that Pakistanis are a resilient nation and we will rise again. The IIPS Innovation Lab is a step towards development in Pakistan. Technology these days is so fast-paced that it is crucial to adapt accordingly.

He further said that the aim of this lab is to stimulate a thorough process of fact-finding related to all sectors, which will help in policy formulation based on the insights and understanding derived from that data.