Islamabad: The National University of Sciences and 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) at NUST H-12 campus, Islamabad, during an auspicious ceremony on 14th July, 2021.
Mr. Shibli Faraz – Federal Minister for Science and Technology – graced the occasion as Chief Guest at the NSTP Auditorium. Participants included Dr. Qaiser Majeed Malik – Additional Secretary for Ministry of Science and Technology, Lt Gen Engineer Javed Mehmood Bokhari, HI(M), (Retd) – Rector NUST, AVM Dr. Rizwan Riaz – Pro-Rector Research, Innovation and Commercialization and Vice President NSTP, Mr. Shahid Ahmad Khan – Senior Partner International Consulting Associates, Mr. Shahrukh Iftikhar – Senior Associate Partner ABS & Co and Mr. Farid Alam – CEO AKD Securities Ltd, among other notable dignitaries from NUST and the industrial community.
National University of Sciences & Technology (NUST), the leading Engineering and Technology university of the country, established Pakistan’s first Science & Technology Park– the NSTP as a pilot project in December 2019, with the crucial aim to kick-off inception of the internationally proven vehicle of Science and Technology Parks (STPs), and to provide an international platform to promote science, technology, and innovation by facilitating cooperation among research centers, universities, industry, communities and government to create stronger knowledge-based activity in Pakistan’s economy. The pilot building is already home to a mix of Anchors, Hi-tech SMEs and Startups doing cutting-edge research and innovation in select thematic verticals of national and international significance.
The Transaction Advisory Services agreement between NUST and the multinational consortium led by iConsult, will augment NUST’s plans to develop NSTP by constructing 8 towers on Public Private Partnership (P3) basis, on 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 by the government on the project to provide incentive support.
Speaking at the ceremony, Minister MoST lauded NUST’s effort for being the trailblazer in the country in this all important front. He stated that strengthening and upgrading the Innovation ecosystem of the country was his government’s top priority. Under the leadership of Prime Minister Imran Khan, government of Pakistan is devising the first startup ecosystem policy which aims to solve the challenges faced by this nascent sector.
AVM Dr. Rizwan Riaz – Pro Rector Research, Innovation and Commercialization and Vice President NSTP, sharing his views on the occasion said that NUST puts great emphasis on R&D, Innovation, and Entrepreneurship. Landmark initiatives like NSTP, and NUST Interdisciplinary Cluster for Higher Education (NICHE) are groundbreaking steps that will decisively help in revolutionizing the technological and industrial landscape of Pakistan. NUST is leading the charge in developing a functional alliance between the university, government, and business enterprises to create an inclusive Knowledge Ecosystem, which will create a synergy that catalyzes the growth of new industries based on knowledge instead of natural resources.