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Lahore: NETSOL Technologies Limited has entered into a significant agreement to establish and manage the National Incubation Center (NIC) in Lahore, in collaboration with IGNITE — National Technology Fund. The contract, extending over a period of five years, was announced today, as per the guidelines of Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations.
This new venture will complement the company’s existing management of the National Incubation Center for Aerospace Technologies (NICAT) in Rawalpindi. According to information available from the Pakistan Stock Exchange (PSX), NETSOL’s expansion into Lahore marks a strategic enhancement of its role in supporting regional startup ecosystems across Pakistan. The NIC Lahore will serve as a pivotal resource for startups, focusing on sectors such as Artificial Intelligence (AI), Internet of Things (IoT), Cleantech, Climatetech, and Information and Communication Technology (ICT).
The operation of NIC Lahore will be led by a NETSOL-driven consortium including prominent partners like Habib Bank Limited (HBL), Beaconhouse National University, Plug NPlay Tech Center, Daftarkhwan, Accelerate Prosperity, University of Engineering and Technology Lahore, and Women’s Chamber of Commerce and Industry Lahore. Together, they aim to facilitate sustainable development and global impact through innovative technologies and inclusive growth.
Annually, the NIC Lahore will host fifty startups in its incubation program and ten in its acceleration program, with each startup in the latter receiving funding of PKR 5 million from Ignite National Technology Fund. A significant feature of the program is the inclusion of the premier international accelerator, PlugNPlay Tech Center, which will allow startups to engage in global accelerator programs.
In a dedicated effort to support gender diversity in entrepreneurship, at least 25% of the startups at NIC Lahore will be led by women, reaffirming the consortium’s commitment to inclusive economic growth.
At the contract signing ceremony, Mr. Abrar Mir of HBL highlighted the potential in Pakistani youth and the importance of investing in innovative ventures that promise to propel economic and technological growth in the country. Dr. Moeed Yusuf of Beaconhouse National University echoed this sentiment, underscoring the university’s commitment to youth development through support for young entrepreneurs.
Mr. Salim Ghauri, CEO and Founder of NETSOL Technologies, expressed his dedication to fostering innovation and cultivating a new generation of tech leaders in Pakistan. He emphasized that this initiative would significantly contribute to the global tech landscape by nurturing high-tech fields and AI development.
With this new initiative, NETSOL not only broadens its influence in the entrepreneurial and technology ecosystem but also ensures a deeper, more impactful presence in Pakistan’s innovative landscape.
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