High Tech Special Economic Zone Status Approved For NUST

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High Tech Special Economic Zone Status Approved For NUST

Prime Minister Imran Khan has made a major breakthrough, which will greatly promote Pakistan’s economic development. According to the announcement of the Board of Investment (BoI), this approval was approved at the sixth approval committee meeting chaired by the Prime Minister on October 7, 2020.

By granting this unprecedented status to any higher education institution in Pakistan, NUST has become the only high-tech special economic zone in the country’s 20 special economic zones (the rest are industrial zones). Through this landmark development, high-tech companies and small and medium-sized enterprises (SMEs) at home and abroad will benefit greatly, thereby accelerating Pakistan’s transition to a booming knowledge economy.

In special thanks, the President of NUST, His Excellency Lieutenant General (Senior) (Prime Minister), expressed his deep gratitude to the Prime Minister and the government for giving NUST the exclusive status, which will indeed bode well for this cause. School of Science, Technology and Innovation. He also thanked BoI for its timely guidance and support, which enabled NUST to achieve this milestone.

Special economic zones provide many economic incentives, which are the preferred components of the thriving global research and innovation ecosystem.

Free trade zones, export processing zones, special technology and high-tech zones around the world are all economic substructures designed to provide tax and import stimulants, and promote the germination and development of disruptive technologies and high-tech. Technology entities.

The country’s first S&T-based special economic zone will witness the transformation of the pilot National Science and Technology Park (NSTP) at NUST (opened by PM in December 2019) into a mature STP and R&D partner with 250 industries, becoming the most Excellent research and innovation platform. Countries and international companies committed to launching the fourth industrial revolution will now have the most complete and perfect ecosystem in the country in the form of NSTP, thus contributing to the realization of import substitution and export.

The establishment of the special economic zone will not only promote the transformation of the NSTP into a national and regional economic hub, but also pave the way for similar efforts in other parts of the country, increase our global innovation index, and make the country one of the leading knowledge economy alliances . Regions and the world.

After achieving this major achievement, NUST is ready to invite potential partners to express a letter of intent in order to fully launch the multi-tower-based NSTP project.

 

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Last Updated on 10/08/2020

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