The Special Technology Zones Authority (STZA) and Khadim Ali Shah Bukhari Institute of Technology (KASBIT) have 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, SMEs [Small & Medium Enterprises], and multinational firms with a high-tech business environment to promote technology-driven growth in Pakistan.
The MoU signing ceremony took place at the site of KASB Altitude Building in Clifton, Karachi, which will apply for the STZ as per the STZA Rules 2021 for the status of a zone developer after due consultation on the legal framework with the Government of Sindh.
Speaking on the occasion, Chairman 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. It is our duty to provide these brilliant entrepreneurial and innovative minds with conducive environments that facilitate them to achieve their full potential. STZA focuses on an ecosystem approach to harness the country’s technology potential and work towards scientific and technological growth and development.”
He commended the KASB Group for initiating work to develop the KASB Altitude for this purpose.
It is worth mentioning here that KASB Altitude is an initiative of KASB Institute of Technology Private Limited. KASB Altitude will be a 35-floor building situated at Clifton, Karachi. It will have a modern, high-tech planned infrastructure and facilitate futuristic entrepreneurship opportunities in Pakistan.
KASB Altitude will be the first STZ developed in Karachi for the said purpose after it completes all the due processes and requirements.
In his remarks, Chairman KASB Group Nasir Ali Shah Bukhari said, “KASB Altitude’s most significant attribute will be its cutting-edge R&D labs and certified testing centers.” He underlined that once completed, it would house 500+ technology firms from different sectors that would be sharing high-performance computing and other facilities promoting high-tech industrial growth, creating job opportunities, up-skilling the youth, and attracting foreign direct investments (FDI) through the development of a knowledge ecosystem driven by research, innovation, and collaboration. “We are grateful to the Special Technology Zones Authority for facilitating and supporting us to achieve our vision,” he concluded.