NSTP becomes Pakistan’s first Hi-Tech Special Economic Zone

Since its launch, NSTP has been promoting research and innovation by facilitating collaboration amongst Quadruple Helix Model’s key stakeholders. However, COVID-19 struck as the showstopper within 4 months of the park’s launch. NSTP tapped into world intelligentsia through its network of international associations and partners to come up with collaborative solutions which ensured that NSTP not only overcame challenges but was able to register number of outstanding achievements.

After tremendous efforts and persistence, for the first time in history of Pakistan, NSTP was able to secure Hi-tech Special Economic Zone (SEZ) status on October 7, 2020. This landmark accomplishment will immensely benefit national and international hi-tech businesses as well as SMEs, thereby accelerating the country’s transition into a thriving knowledge economy. It will incentivize the establishment of industries by giving tax holiday and tax free operations as well as establishment of Hi-Tech SMEs and innovation centres.

NSTP shall provide a number of economic incentives that are a crucial element of a thriving research and innovation ecosystem. Tenant companies will get exemption on custom duties on the import of machinery, helping them lower procurement cost. In addition to that, park’s residents will get exemption from income tax for a period of up to 10 years. These incentives will provide ample time for tenant companies to become stable and increase opportunities for their growth. Moreover, the park will witness the transformation of the pilot NSTP, hosted into a full-blown STP with a hosting capacity of 250 industry and R&D partners.

NSTP also developed the NSTP-NUST interaction framework, first of its kind, to facilitate internship programmes, jobs and faculty placements, industrial projects, sponsored research projects and the utilisation of labs and research centres. NSTP portal “The Bridge” was launched for online enablement and facilitation of academia-industry linkages during the COVID period. The park has been able to create 840+ knowledge workers, generate 85+ IPs and conduct 40+ trainings, workshops and webinars in a span of less than one year whereas a complete Angel and Venture Capital (VC) funding network is being developed, Expression of Interest (EOI) for which has already been floated.

NSTP aims to be the torchbearer for STPs in the country and develop a model for others to emulate. 

Find out more about NSTP at https://nstp.pk/ .