Lahore —NetSol Technologies Limited (PSX: NETSOL) has secured a significant contract with IGNITE – National Technology Fund, an initiative under the Ministry of IT & Telecom, to establish and manage the operations of the National Incubation Center Lahore (NICL). The announcement was made by NetSol in a notice to the Pakistan Stock Exchange (PSX) on Friday.
This new venture marks NetSol’s expansion in the startup incubation space, adding to its existing leadership at the National Incubation Center for Aerospace Technologies (NICAT) in Rawalpindi. With the addition of NIC Lahore, NetSol will now play a pivotal role in nurturing startup ecosystems across two major regions in Pakistan, offering comprehensive physical and strategic support to startups nationwide.
The NIC Lahore will be managed by a consortium led by NetSol, which includes prominent partners such as Habib Bank Limited (HBL), Beaconhouse National University (BNU), Plug N Play Tech Center, Daftarkhwan, Accelerate Prosperity, UET Lahore, and WCCI Lahore. The consortium’s primary objective is to empower startups in key sectors such as Artificial Intelligence (AI), Internet of Things (IoT), Cleantech, Climatetech, and Information and Communication Technology (ICT), positioning these ventures as catalysts for sustainable development, global impact, and inclusive growth.
The five-year contract will enable the NIC Lahore to incubate fifty startups annually, with an additional ten startups benefiting from an acceleration program each year. Startups selected for the acceleration program will receive Rs. 5 million in funding from the Ignite National Technology Fund. Additionally, with the involvement of the international accelerator Plug N Play Tech Center, these startups will have access to global acceleration programs, expanding their horizons beyond local markets.
In a strong commitment to fostering diversity and inclusion, the consortium has pledged that at least 25 percent of the startups inducted at NIC Lahore will be women-led, thereby playing a vital role in supporting female entrepreneurs across Pakistan.
At the contract signing ceremony, Abrar Mir, Chief Digital, Innovation & Financial Inclusion Officer at HBL, expressed confidence in the potential of Pakistani youth, stating, “We are excited to be part of this consortium and see great potential in the startups that will emerge from the National Incubation Center Lahore. Our commitment to investing in these innovative ventures underscores our belief in their ability to drive significant economic and technological advancements in Pakistan.”
Dr. Moeed Yusuf, Vice Chancellor of Beaconhouse National University (BNU), highlighted the importance of youth empowerment and education, noting, “We are proud to be part of the National Incubation Center Lahore, as it aligns with our commitment to youth development and education. By supporting young entrepreneurs with the resources and guidance they need, we can help them transform their innovative ideas into successful ventures, driving the future growth and prosperity of Pakistan.”
Salim Ghauri, CEO and Founder of NetSol Technologies, emphasized the significance of the NIC Lahore initiative, stating, “This initiative is a testament to our dedication to empowering the youth to drive innovation in high-tech fields and AI. By providing the necessary support and infrastructure, we aim to cultivate a new generation of tech leaders who will push the boundaries of what’s possible and contribute to the global tech landscape.”
With NIC Lahore, the NetSol-led consortium further solidifies its role in Pakistan’s entrepreneurial and technology ecosystem, ensuring continued contributions to the nation’s economic and technological progress.
