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IST, ICCI sign MoU to cooperate in industrial growth.

ISLAMABAD -- The Institute of Space Technology (IST) Islamabad and Islamabad Chamber of Commerce and Industry (ICCI) Friday signed a Memorandum of Understanding for cooperation to facilitate growth of industrial activities for common objectives.

Vice Chancellor IST, Engineer Imran Rahman and ICCI President, Zafar Bakhtawari signed the MoU on behalf of their respective organizations. Both the organizations agreed to undertake joint research projects to address Research and Development (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 and development. Both the organizations 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.

It will also help IST to place its students on internship in various local industries. Speaking at the occasion, Zafar Bakhtawari said 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 and industry should join hands to address industrialists R&D issues and to produce innovative and value added products which would help the country to cope with 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.

In his welcome address, Engr. Imran Rahman said there is a dire need of removing trust deficit and building confidence between academia and industry. He said lack of confidence in both sectors is holding back the country from exploiting its full economic potential. He hoped that collaboration between ICCI and IST would promote relationship of trust and confidence between industry and academia and would bring more innovation in industrial sector.

He said IST has the cooperation of four big R&D organizations of the country and industrialists should come forward with their problems while the researchers of IST would extend their best cooperation to resolving the same.

He said students of IST would showcase their different projects on 17th Sep: 2013 and invited ICCI delegation to witness the event to see the engineering potential of students.
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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Geographic Code:9PAKI
Date:Sep 14, 2013
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