November 14, 2022 (MLN): NETSOL Technologies Limited (NETSOL) has signed a tri-partite contract with IGNITE-National Technology Fund and Aviation City Pakistan, for setting up the operations of the National Incubation Center for Aerospace Technologies (NICAT), the company’s filings on the stock exchange showed on Monday.
"The NICAT project will be funded by Ignite with the support of Aviation City Pakistan Private Limited (ACCPL)”, the report added.
Furthermore, the NETSOL consortium will host a number of startups every year for incubation and acceleration at the center, as well as carry out various events and activities for promoting aerospace and engineering startups.
The initial contract term for this project is five years and it will be based in Rawalpindi.
“NETSOL Consortium comprises NETSOL Technologies Limited as lead, Pakistan Aeronautical Complex – Kama (as an industrial partner), Air University (as primary academia partner), and Innovators Garage (as a local partner)”, the report added.
National Aerospace Technology Parks are an integral project of Aviation City Pakistan, centered and connected around Pakistan's first Aerospace Cluster and Smart City (Aviation City) at PAC Kara and PAF Base Minhas. The first park at Rawalpindi will host NICAT among other high-end ICT, aerospace, and engineering local and foreign companies.
The further company added that this initiative will extend the impact of NETSOL's incubation services being carried under its 'Nspire’ Program, create a community and success path incubating or accelerating high-impact startups, as well grow a community and network of VCs, startups, experts, and associations.
In addition, the qualified funding for this project is around Rs1 billion.
Moreover, through this NETSOL Consortium also becomes part of the prestigious and very impactful NICs network – and will continue to contribute meaningfully and grow to the development of Pakistan's Entrepreneurial and Technology eco-system.
Copyright Mettis Link News
Posted on: 2022-11-14T09:29:06+05:00
