October 22, 2021. This post was originally published in 24/7NEWS

Khadim Ali Shah Bukhari Institute of Technology (KASBIT) and Special Technology Zone Authority (STZA) have signed a Memorandum of Understanding (MoU) to plan and develop a Special Technology Zone (STZ) in Karachi, which will provide technology companies, including startups, SMEs, and multinationals 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 Special Technology Zone as per STZA Rules 2021 for the status of Zone Developer after due consultation on the legal framework with the Government of Sindh. While speaking at the MoU Signing Ceremony, Chairman of the STZA, Mr. 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. 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 a 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’s most significant attribute will be its cutting-edge R&D labs and certified testing centers. At its completion, it will house 500+ technology firms from different sectors that will 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.” said Nasir Ali Shah Bukhari, Chairman KASB Group.