First companies settle in NSTP Special Economic Zone

Two companies have been approved as the first residents to settle in the National Science and Technology Park (NSTP) Special Economic Zone, amounting to foreign investment of over $20 million.

The two international R&D-based companies are locating on site following the launch of NSTP as a Special Economic Zone (SEZ). The applicants include a joint venture company owned by HatoBV Netherlands and Ather Technologies (Pvt) Ltd Pakistan, with a planned investment of 20 million PKR in agri-tech, and Rapidev (Pvt) Ltd a UAE-based company with planned investment of USD 20 million in defence and electronic technologies.

Along with the allotment of land in Islamabad, Pakistan, and access to the value-added services provided by the park, the companies are now entitled to SEZ benefits, including custom duties and tax exemption.

IASP member NSTP is a project established by the National University of Science and Technology (NUST), that was awarded the SEZ status last year. The SEZ aims to catalyse economic activity in the country and develop a knowledge based multi-industry cluster including segments of the IT and telecommunications, engineering, biotech/bio-pharma, banking/financial services, defence technologies, power, and automotive industries.

The synergies will yield technology enhancement, development of efficient systems, address the challenges facing industry through research and development and production of goods and services compatible globally and beneficial to the national economy.

Pakistan's first Science & Technology Park, NSTP was inaugurated just 2 years ago by Prime Minister Imran Khan, and already plays a key role in promulgating the innovation and entrepreneurial ecosystem of the country. It is already home to 7 anchor tenants, 34 hi-tech SMEs, and 60 startups, which have created over 1,500 employment opportunities, raised over PKR 209 million in investment funding, and registered a revenue growth of PKR 1.7 billion.

To find out more about NSTP and its special economic zone, visit https://nstp.pk/.