Pakistan’s STZA signs 3 accords to boost FDI, technology transfer and create new jobs

STZA signs MoUs with 3 international companies to boost Pakistan’s tech ecosystem

The Special Technology Zones Authority (STZA) has signed three Memorandum of Understanding (MoUs) with international companies to attract foreign direct investment, technology transfer, and job creation into newly established technology zones across Pakistan.

STZA signed three accords with UAE-based Galaxy Racer e-sports company, Shorooq Partners VC firm, and Mastercard to boost Pakistan’s tech ecosystem. Chairman STZA Amer Hashmi and senior executives of respective companies. Pakistan’s President Dr. Arif Alvi witnessed the signing ceremonies in Dubai on the sidelines of Expo 2020.

Mastercard to help build Pakistan’s first cashless zone

The first strategic digital country partnership MoU was signed with Mastercard to build the country’s first cashless zone. This MoU includes strengthening the digital framework in Pakistan, deploying smart city solutions, boost artificial intelligence (AI) and cybersecurity capabilities, promote agritech, and setting up Pakistan’s first cash-free technology zone.

“Mastercard believes in the power of public-private partnerships to unleash the potential of national economies and we are excited to embark on this next chapter as we work towards a more connected Pakistan,” said Mastercard’s Division President for the Middle East and North Africa Khalid Elgibalat.

STZA Chairman Amer Hashmi said that “Having Mastercard on board as a strategic partner will help us to deploy best-in-class digital payments infrastructure” and to “boost our exciting national technology strategy.”

Galaxy Racer to bring esports to Pakistan

The second MoU was signed with the UAE-based Galaxy Racer, for cooperation on the development of gaming and esports through special tech zones in Pakistan. the global esports market is growing significantly and the estimated total revenue of the esports market would cross $1.1 billion this year, according to the Newzoo report.

Read more: Galaxy Racer partners with Fakhr-e-Alam to bring esports to Pakistan

VC firm to back Pakistani startups

The third MOU was signed with the UAE-based Shorooq Partners to support building Pakistan’s tech ecosystem and set up a ground presence to support local founders and investors through a series of ecosystem programs and to further give portfolio companies in Pakistan a suite of value-added services.

“As a fundamental enabler of inclusive economic growth, the Special Technology Zones Authority is charged with delivering on key strategic goals of inclusive socio-economic development and economic opportunity, particularly for our youth” said Dr Arif Alvi said.

Special tech zones in Pakistan

Amer Hashmi reinforced the government’s commitment to facilitating global venture capital firms in the Special Technology Zones (STZs).

The Authority, also hosted a session with international technology companies, investors, and venture capitalists to brief them about the STZs being created by the Government of Pakistan to attract foreign direct investment, technology transfer, and job creation.

The STZA delegation led by Amer Hashmi, the Chairman of STZA included CIO Abdul Rahim, Director Planning Hamza Saeed Orakzai, and Director Marketing Hina Nasir. The team also had several strategic engagements with high-profile tech investors, entrepreneurs, and venture capitalists throughout the day.

The STZA has been established by the Government of Pakistan with a mandate to provide a world-class digital and physical infrastructure through setting up special technology Zones across the country, to position Pakistan on the global technology radar.

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