PESHAWAR: The project of the Inclusive Business Development Park (IBDP) has been launched formally, announced Khyber Pakhtunkhwa Economic Zones Development and Management Company (KP-EZDMC) on Sunday.
The pioneering initiative of IBDP is aimed at empowering entrepreneurs from diverse segments of the society including men, women, persons with special abilities and transgender has been executed.
The project is funded by the World Bank through the Khyber Pass Economic Corridor (KPEC), demonstrating a strong commitment to foster inclusive economic growth in the region. The Inclusive Business Development Park, initially established in Peshawar Economic Zone, is a strategic effort to nurture small business ventures, enabling them to scale up and achieve long-term sustainability.
The IBDP will serve as a model for future replication in other feasible locations across Khyber Pakhtunkhwa, aiming to create a robust network of inclusive business ecosystems throughout the province.
The IBDP project is being executed by a consortium, including World Bank, Khyber Pass Economic Corridor (KPEC) and Khyber Pakhtunkhwa Economic Zones Development and Management Company (KP-EZDMC).
The project is valued at PKR 71 million, with a substantial contribution from both KP-EZDMC and KPEC while primary financial support is provided by the World Bank. These all partner organizations are committed to providing a comprehensive range of services to support resident startups, including those operating from homes and other scattered clusters.
KP-EZDMC will offer direct support to businesses housed within the IBDP, facilitating their ability to manage, trade, and exhibit their products effectively. The park will also provide essential civic amenities and a dedicated training facility to enhance the capacity of entrepreneurs and their workforce.
The IBDP offers an extensive array of services designed to support small-scale manufacturers and entrepreneurs. It will facilitate the buying and selling of products for small-scale manufacturers, providing a crucial platform for market access.
Unlike traditional business incubation centres, the IBDP will feature a production house also, allowing small-scale businesses to manufacture their products on-site. The park will function as an expo center and a hub for B2B matchmaking, creating opportunities for small-scale entrepreneurs to connect with potential business partners. Entrepreneurs at the IBDP will benefit from Peshawar Economic Zone, drawing inspiration and encouragement from established industrial units operating in a full-fledged business environment. Ready-to-use office facilities based on plug and play model will be available, enabling entrepreneurs to quickly set up and start their operations.
Currently, the IBDP is home to 17 innovative startups, primarily focused on engineering, design, and services. Among them are an electric bike manufacturer, a 3D printing startup, and a perfume maker, each contributing unique products and expertise to the vibrant entrepreneurial ecosystem. These ventures will benefit from the extensive support and resources offered by the park, positioning them for growth and success in a competitive marketplace.
In his message, Abdul Karim Tordher reiterated the commitment of the provincial government; stating that the Government of Khyber Pakhtunkhwa is dedicated to creating an inclusive and thriving business environment. He has said that the launch of the IBDP is a testament to their commitment to empower entrepreneurs across all sectors, ensuring sustainable economic growth and prosperity for the entire region.
Copyright Business Recorder, 2024
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