The National Science and Technology Park (NSTP) of the National University of Science and Technology (NUST) has approved three new companies with significant foreign investment at its third meeting, demonstrating foreign investor confidence in Pakistani tech startups despite the current economic crisis.
The entrants, which were approved by NSTP’s Special Economic Zone (SEZ) committee, include fintech firm AlfaBolt, ED Tech company OrbitEd (Cygnus Creative Software Pvt Ltd), and PriceOye. To note, PriceOye recently received seed funding from a large number of investors, including PayPal co-founder Peter Thiel.
The applications for zone enterprise entry and land/office allotment were processed through SEZ’s One Window Operation. Along with the allotment of land/office space, these businesses are now eligible for SEZ benefits such as customs duty and tax exemption under the SEZ Act of 2012.
The facility will provide these enterprises with import duty and income tax exemptions, catalyzing their transformation into national and regional success, which in turn will improve the socioeconomic environment for the masses through the rapid production of disruptive technologies and help improve the nation’s Global Innovation Index standing.
Overall, the new additions are tipped to reinforce Pakistan’s aim for technological advancement, the development of efficient systems, and the resolution of industry issues through research and development and the production of goods and services that are compatible globally and beneficial to the national economy.