Naveed Ahmed

The Special Technology Zones Authority (STZA) is working on its vision to develop a world-class technology ecosystem and create an enabling business environment for local and foreign firms, said an official. The STZA provides all zone enterprises and developers access to the one-window service.

“The STZA is assisting local and foreign investors in successfully establishing, running and growing their businesses in Pakistan. To reduce time and administrative hassles for investors, the STZA facilitates registration, government approvals, and exemptions for new businesses,” Shahid Raza, Strategic Communications Lead at STZA, said while talking to WealthPK.

He said the STZA assists in establishing an interface with all government departments, whether a firm seeks permission to operate a business, register for tax systems, open a bank account, or obtain approval from any government agency. There is no need to go to each department separately. He said the STZA is dedicated to facilitating investment inflows into the country.

“It is a widely held belief in the country that multinational companies want to invest, but they face difficulties due to official procedural delays, which hinder foreign direct investment (FDI). The STZA is striving hard to make these procedures convenient,” he said. The STZA also establishes special technology zones to provide land for businesses. It allows land ownership in the zones and facilitates business dealings with land development authorities and procedures.

While talking about one-window service, Shahid said the STZA aims to provide all prospective investors with a single point of contact to facilitate regulatory compliance, and collaborates with all relevant parties to develop policies that will promote the development of the technology industry.

To develop a business environment, the STZA has established additional technical and scientific groups and industrial support systems to create an atmosphere where innovation and entrepreneurship can thrive, be discovered, built, and improved. “The STZA is also dedicated to facilitating international partnerships by engaging with tech-innovation leaders worldwide, including China, the United States, the Middle East, Europe, and Turkey,” Shahid said.

The STZA was established to ensure the country's technological environment's growth by creating special zones designed to hasten technological progress. The STZA's goals are to encourage FDI, foster a culture of collaboration between academics, researchers, and the technology industry, and ensure that the technology sector has internationally competitive structures and export-oriented ecosystems.

Credit : Independent News Pakistan-WealthPk