Home Press Releases iENGINEERING Signs MoU with Special Technology Zones Authority (STZA), Pakistan

iENGINEERING Signs MoU with Special Technology Zones Authority (STZA), Pakistan

by iec_admin

Islamabad, Pakistan – April 22, 2021

The Government of Pakistan has committed to develop the technology sector in Pakistan; Islamabad Special Technology Zone (STZ) will be the pilot project of the Special Technology Zones Authority (STZA). During MoU Signing Ceremony between STZA and iENGINEERING Corporation, Mr. Amer Hashmi, Chairman STZA, stated that the first Technology Park in Islamabad STZ will be established soon.

CEO of iENGINEERING, Riaz Ahmad, and Chairman STZA, Amer Hashmi, exchanging MOU Agreement after signing.

The Authority has been mandated to develop a technology-driven knowledge ecosystem to encourage hi-tech innovative solutions and futuristic entrepreneurship. STZA will develop a national network of Special Technology Zones which will change the economic outlook of Pakistan by enhancing IT exports and encouraging technology and knowledge transfer from global technology hubs.

According to Memorandum of Understanding, both the organizations will work together to achieve high-tech industrial growth, create job opportunities, upskill the youth, and attract Foreign Direct Investments (FDI) through development of a knowledge ecosystem driven by innovation and collaboration.

While addressing the gathering, Mr. Riaz Ahmad, Chief Executive Officer of iENGINEERING Corporation, stated that iENGINEERING Technology Park, the first mover pilot technology zone of the Islamabad STZ, will be focused on transforming cost centers to profit centers which will significantly increase revenue capacity. iENGINEERING Technology Park plans to facilitate the acquisition of foreign Pakistani-descent businesses by providing a mechanism for zone enterprises to invest their profits and acquire new customers and generate new revenue streams. He mentioned that iENGINEERING Corporation has more than 20 years of unique operational experience in technology sector in USA and Pakistan.

Group Photo of attendees for the MoU signing Ceremony.

iENGINEERING Tech Park will develop a business campus, which will comprise of a cluster of midrise energy efficient buildings over 250,000 sq. ft in Islamabad STZ with initial investment of US$ 2 million which will create more than 2,500 highly skilled jobs and will generate over US$ 100 million in the next five years. The Park will accommodate local and foreign technology companies with Pakistani descent owners, startups, and tech-hubs which will initially materialize up to US$ 50 million of zone enterprise cumulative annual revenue for Islamabad STZ.

While welcoming the first Tech Park developer, Mr. Aamer Saleemi, Chief Executive Officer of Islamabad STZ, assured his full support in early execution of the project. He said that Islamabad STZ will act as a catalyst for enhancing the IT exports of Pakistan and it is expected to attract more than US$350 million Foreign Direct Investment in the technology sector which will provide job opportunities to more than 200,000 youth of Pakistan. Islamabad STZ will be first place of choice in the region for the global tech companies and expatriates due to its state-of-the-art technology supportive infrastructure, lucrative tax incentives and one-window services.

About Special Technology Zones Authority (STZA)

With the Honorable Prime Minister Imran Khan as President of the Board, STZA is an autonomous body established under the Cabinet Division, Government of Pakistan. The Authority has been mandated to promote the knowledge-based national ecosystem for stimulating and enhancing the multi-dimensional collaboration between technology industry, academia, and government for 21st century innovation, entrepreneurship, and new technology creation. For more information please visit www.stza.gov.pk

About iENGINEERING (Private) Limited

iENGINEERING is a privately-owned firm that provides technology solutions to organizations across the globe. We specialize in the design, development, and implementation of custom built solutions. Our solutions allow organizations to stay in line with the latest trends in technology. They are designed with a customer-centric approach, tailored to our clients’ specific needs, and allow an extremely user-friendly experience. They are robust, reliable, scalable and customizable to an extent that allows the organizations to adapt quickly and transform their businesses conveniently. For more information, please visit iENGINEERING’s website at www.iengineering.com.pk.