ISLAMABAD:National University of Science and Technology (NUST) has signed an agreement with a multinational consortium led by International Consulting Associates (ICA) for the development and expansion of National Science and Technology Park (NSTP), Pakistan’s first STP.
The signing ceremony of the expansion agreement of NSTP was held at NUST Islamabad campus the other day.
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 the next 10-12 years on Public-Private Partnership (P3) basis, over close to 60 acres of land at its H-12 Campus.
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 Federal Minister for Science and Technology, Shibli Faraz as chief guest.
Prominent amongst others present at the occasion were Rector NUST, Engr Javed Mahmood Bukhari, Senior Partner International Consulting Associates, Shahid Ahmad Khan, Senior Managing Partner ABS & Co, Ahmer Bilal Sufiand,CEO AKD Securities Ltd, Farid Alam.
In December 2019, NUST established NSTP with a mandate to serve as an internationally proven vehicle for the promotion of science, technology and innovation by facilitating cooperation amongst research centres, industry, communities and government to create stronger knowledge-based activity in Pakistan’s economy.
The pilot building is already home to a mix of anchor tenants, hi-tech Small and Medium Enterprises (SMEs) and startups doing cutting edge research and innovation in select thematic verticals of national and international significance.