Islamabad, Pakistan – April 22, 2021
The Government of Pakistan has committed to developing the technology sector in Pakistan; Islamabad Special Technology Zone (STZ) will be the pilot project of the Special Technology Zones Authority (STZA). During MoU Signing Ceremony between STZA and iENGINEERING Corporation, Mr. Amer Hashmi, Chairman of STZA, stated that the first Technology Park in Islamabad STZ will be established soon.
The Authority has been mandated to develop a technology-driven knowledge ecosystem to encourage hi-tech innovative solutions and futuristic entrepreneurship. STZA will develop a national network of Special Technology Zones which will change the economic outlook of Pakistan by enhancing IT exports and encouraging technology and knowledge transfer from global technology hubs.
According to the Memorandum of Understanding, both organizations will work together to achieve high-tech industrial growth, create job opportunities, upskill the youth, and attract Foreign Direct Investments (FDI) through the development of a knowledge ecosystem driven by innovation and collaboration.
While addressing the gathering, Mr. Riaz Ahmad, Chief Executive Officer of iENGINEERING Corporation, stated that iENGINEERING Technology Park, the first mover pilot technology zone of the Islamabad STZ, will be focused on transforming cost centers to profit centers which will significantly increase revenue capacity. iENGINEERING Technology Park plans to facilitate the acquisition of foreign Pakistani-descent businesses by providing a mechanism for zone enterprises to invest their profits and acquire new customers and generate new revenue streams. He mentioned that iENGINEERING Corporation has more than 20 years of unique operational experience in the technology sector in the USA and Pakistan.
iENGINEERING Tech Park will develop a business campus, which will comprise a cluster of midrise energy-efficient buildings over 250,000 sq. ft in Islamabad STZ with an initial investment of US$ 2 million which will create more than 2,500 highly skilled jobs and will generate over US$ 100 million in the next five years. The Park will accommodate local and foreign technology companies of Pakistani descent owners, startups, and tech hubs which will initially materialize up to US$ 50 million of zone enterprise cumulative annual revenue for Islamabad STZ.
While welcoming the first Tech Park developer, Mr. Aamer Saleemi, Chief Executive Officer of Islamabad STZ, assured his full support for the early execution of the project. He said that Islamabad STZ will act as a catalyst for enhancing the IT exports of Pakistan. It is expected to attract more than US$350 million in Foreign Direct Investment in the technology sector which will provide job opportunities to more than 200,000 youth of Pakistan. Islamabad STZ will be first place of choice in the region for the global tech companies and expatriates due to its state-of-the-art technology supportive infrastructure, lucrative tax incentives and one-window services.
About Special Technology Zones Authority (STZA)
With the Honorable Prime Minister Imran Khan as President of the Board, STZA is an autonomous body established under the Cabinet Division, Government of Pakistan. The Authority has been mandated to promote the knowledge-based national ecosystem for stimulating and enhancing the multi-dimensional collaboration between technology industry, academia, and government for 21st century innovation, entrepreneurship, and new technology creation. For more information please visit www.stza.gov.pk
About iENGINEERING Corporation
iENGINEERING Corporation is a privately-owned firm providing technology solutions to organizations across the globe. We specialize in designing, developing and implementing custom-built solutions for your organization that allow you to stay in line with the latest trends in technology. Our solutions are designed with a customer-centric approach to tailor-fit your specific needs and allow an extremely user-friendly experience. They are robust, reliable, scalable and customizable to an extent that allows the organization to adapt quickly and transform their businesses conveniently. For more information on the company, please visit iENGINEERING’s website at www.iengineering.com.