Sunday, March 26, 2023

NICAT contract awarded to NETSOL

Ignite signed a contract with Aviation City Pakistan (Pvt.) to start its first aerospace technology incubator. National Incubation Centers in Aerospace Technologies (NICAT) will be established in Rawalpindi’s NASTP.

The NICAT contract was awarded to NETSOL Technologies Ltd. and signed by the CEOs of Ignite, ACPPL, and NETSOL.

Due to the scenario in the Twin Cities, NETSOL participated virtually. Asim Shahryar, CEO of Ignite, estimates the global aviation business at $3.5 trillion. This new incubator was made by the Ministry of IT and Ignite so that Pakistan can use its potential in aeronautical technologies to grow its market share.

Ignite’s eighth incubator will focus on aerospace and engineering high-tech firms. He added NASTP’s technical facilities will help entrepreneurs create aircraft hardware and software.

Read more: NETSOL launches Flex, a cloud-based calculator

ACPPL CEO Air Commodore Dr. Liaquatullah Iqbal said NASTP will promote, form, and grow small to major aviation and space-related firms, labs, and R&D centers at the national level. NICAT will be developed at NASTP to aid Pakistan’s aerospace entrepreneurship ecosystem.

Salim Ghauri, CEO of NETSOL Technologies Ltd., said NICAT will turn aerospace and high-tech ICT ideas into reality based on national and global demands and trends. Netsol will use its 26 years of experience and connections around the world to make the new incubator work well for businesses.

Ignite’s seven NICs in Islamabad, Lahore, Karachi, Peshawar, Quetta, Hyderabad, and Faisalabad have helped more than 1,150 businesses grow. These businesses have created 117,000 direct and indirect jobs, raised $15.4 billion, and made $9.1 billion.

NICAT’s renovations should be finished in three months, followed by the first startup cohort. Senior officers from ACPPL and NASTP also attended the signing event.

Read more: Pakistan’s top 5 entrepreneurs

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