The National Science and Technology Park (NSTP) SEZ Committee in its 2nd committee meeting on the 27th of June 2022, approved the entry of 23 new enterprises.
Both local and foreign R&D based enterprises began entering NSTP after being launched as a Special Economic Zone (SEZ), fastening its colonization process. Amongst them, 2 companies already have reached the Zone Enterprise benchmark, in the committee’s first meeting back in December 2021. The second meeting was chaired by AVM (Retd.) Dr Rizwan Riaz, Pro-Rector (RIC) NUST and VP NSTP, with officials from both federal and district administration in attendance.
The applicants include US based Logreg in digitalizing retail industry for contactless shopping, Japan-based Birdy Ventures doing R&D in agriculture technologies, New Zealand based APIMatic in software interface development, US-based Software Productivity Strategists in digital solution building, UK-based Vialogic in Digital Identity & Cyber Security solutions.
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 amongst the local companies that are both working in import substitutes.
NUST holdings are companies that NUST provides the land for to sustain. Amongst these include Zaytrics on prevention of Cyber Crimes using AI and ML, mimAR on making use of AR and VR in Architectural Visualization, Block360 in Financial & Blockchain technology, Vyro in image processing, Fides, AarSol and Evamp & Saanga as Digital Enterprise Solutions, PropSure and GISPlus Digitization & mapping of real estate industry in Pakistan, abcData 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.
A total of 2.5 Billion PKR shall be invested by these companies in Research & Development for the production of their respective products. A total of $ 12 million shall be added to the overall country export, also generating 1400+ Direct and indirect jobs.
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. Transparency and facilitation were ensured, based on the government’s vision to ensure ease of doing business. These enterprises are now entitled to SEZ’s benefits, including custom duties and tax exemption under the SEZ Act, 2012, alongside the allotment of land/offices.
Income tax exemptions shall be given 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 National Science Technology Park 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 7th October 2020.
The SEZ aims to catalyze economic activity in the country and develop a knowledge based multi-industry cluster including segments of the IT and telecommunications, engineering, biotech, financial services, defence technologies, power, and automotive industries.
The synergies will yield technology enhancement, development of efficient systems, resolve the issues of industry through research and development and boost the production of goods and services compatible globally and beneficial to the national economy.
The Chairman Board of Investment, while appreciating the uniqueness of the SEZ, said that the propagation of hi-tech industry through R&D is the need of the hour so as to bring the industrial base of Pakistan at par with the countries in the region.