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ICCI and Institute of Space Technology sign MoU to undertake joint research projects September 13, 2013
Meeting outside ICCI
 
The Institute of Space Technology (IST) Islamabad and Islamabad Chamber of Commerce & Industry have signed a Memorandum of Understanding to establish and formalize 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 organizations 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 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. 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. 
 
In his welcome address, Engr. Imran Rahman, Vice Chancellor, Institute of Space Technology said that 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 4 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.