Saturday December 04, 2021

MoU signed to develop Special Technology Zone in Karachi

October 23, 2021

ISLAMABAD: Khadim Ali Shah Bukhari Institute of Technology (KASBIT) and Special Technology Zone Authority (STZA) on Friday signed a Memorandum of Understanding (MoU) to plan and develop a Special Technology Zone (STZ) in Karachi.

The STZ will provide technology companies, including startups, Small and Medium Enterprises (SMEs), and multinationals a high-tech business environment to promote technology-driven growth in Pakistan, said a press release issued by SECP here.

The MoU Signing Ceremony took place at the site of KASB Altitude Building in Clifton, Karachi which will apply for the Special Technology Zone as per STZA Rules 2021 for the status of Zone Developer after due consultation on legal framework with the Government of Sindh.

While speaking at the MoU Signing Ceremony, chairman of the STZA, Amer Hashmi, said Pakistan is at a turning point in its technological history."We hear of Pakistani startups receiving enormous amounts of funding almost every day now which for us is a source of immense pride," he said.

"It is our duty to provide these brilliant entrepreneurial and innovative minds with conducive environments that facilitate them to achieve their full potential."

He said that STZA focuses on an ecosystem approach to harness the country's technology potential and work towards scientific and technological growth and development. "We commend KASB Group for taking the lead and initiating work to develop the KASB Altitude for this purpose.

"KASB Altitude is an initiative of KASB Institute of Technology Private Limited, which has worked diligently to contribute to Pakistan's economic growth.

KASB Altitude will be a thirty five floor building situated at Clifton, Karachi.

It will have modern, high-tech planned infrastructure and facilitate futuristic entrepreneurship opportunities in Pakistan.

KASB Altitude will be the first Zone developed in Karachi for the said purpose after it completes all the due processes and requirements.

KASB Altitude most significant attribute will be its cutting-edge R&D labs and certified testing centers.