ISLAMABAD : The Institute of Space Technology (IST) Islamabad and ICCI  have signed a MoU to establish and formalise cooperation to facilitate the growth of industrial activities and achieve the common objectives. Engr. Imran Rahman, Vice Chancellor, IST and Zafar Bakhtawari, President, ICCI signed the MoU. Both organisations have agreed to undertake joint research projects to address R&D issues of industry. ICCI would also encourage its member industries to initiate joint research projects with the researchers of IST to cater to their R&D needs.

 ICCI member industries could also seek the expertise and consultancy of IST faculty and researchers in product and process design & development.

Both organisations would jointly develop need-based professional development short courses to produce skilled manpower for industry. ICCI would help IST in implementation of its entrepreneurship development program along with providing technical assistance for establishing Business Incubation Center at IST. ICCI will help IST to place its students on internship in various local industries.

Speaking at the occasion, Zafar Bakhtawari, President, Islamabad Chamber of Commerce & Industry said that the world is heading towards the knowledge economy and if Pakistan has to catch up with advanced countries, promoting academia-industry collaboration would be the key requirement to achieve better economic development.

He said Pakistan’s economy is passing through a phase of slow economic growth and it is high time that academia & industry should join hands to address industrialists R&D issues and to produce innovative & value added products which would help the country come out of economic challenges. He said ICCI has already signed MoUs with universities to promote industry-academia cooperation and hoped that collaboration with IST would produce beneficial results for business and industry.