ISLAMABAD: The National Science and Technology Park (NSTP) SEZ Committee approved the entry of its first two enterprises with more to follow in its maiden meeting.
After the launch of NSTP, Islamabad, as a Special Economic Zone (SEZ), its colonization began with the entry of R&D-based foreign-origin companies Friday.
In this regard, a meeting of the NSTP SEZ Committee held on December 3rd accorded approval to two applicants and allotted space in the uniquely-designed National Science and Technology Park within NUST.
The applicants include a Hato Pakistan (Pvt) Ltd, 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.
The National Science Technology Park is a project established by the National University of Science and Technology (NUST), that was awarded the SEZ status in 6th meeting of the Board of Approvals, held on 7th October 2020, under the chair of the prime minister.
The project is located inside the existing NUST Campus at H-12, Islamabad.
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, 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 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 rector (RIC) NUST and VP NSTP, chaired the meeting, which was attended by the other officials from federal and district administration.
Award of the status will give import duty and income tax exemptions to these enterprises which will catalyse their transformation into a national and regional success, which in turn will uplift the socioeconomic environment for the masses by way of rapid production of disruptive technologies and will help improve the nation’s Global Innovation Index standing.
Azfar Ahsan, Minister of State/chairman Board of Investment, while appreciating the uniqueness of the SEZ, said that the propagation of hi-tech industry through R&D is need of the hour to bring the industrial base of Pakistan at par with the countries in the region.
Copyright Business Recorder, 2021
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