Colonization of first science, technology, SEZ begins

National Science and Technology Park (NSTP) Special Economic Zones (SEZ) Committee Monday approved entry of its first two enterprises to establish National Science Technology Park (NSTP) in Islamabad.

National Science Technology Park (NSTP) is a project established by National University of Science and Technology (NUST), that was awarded the SEZ status in 6th Meeting of the Board of Approvals, held on October 7, 2020, under the chair of the Prime Minister, Imran Khan,said a press release issued by BOI here.

The project is located inside the existing National University of Science and Technology (NUST) Campus.

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/Biopharma, Banking/Financial services, Defence Technologies, Power and automotive Industries.

The synergies will yield technology enhancement, development of efficient systems, resolve the issues of industry through Research and Development and production of goods and services compatible globally and beneficial to the national economy.

The application for zone enterprise entry and allotment of land were submitted and processed via SEZ’s MIS Module designed by the Federal Board of Investment.

The module ensures transparency and facilitation and works as a one window operation, a vision of the government to ensure ease of doing business.

Along with the allotment of land, these enterprises are now entitled to SEZ’s benefits, including custom duties and tax exemption under the SEZ Act 2012.

AVM Dr. Rizwan Riaz, Pro Retor (RIC) NUST and VP NSTP, chaired the meeting which was attended by the other officials from federal and district administration.

Source: APP

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