The Department of Science and Technology (DOST) and the Philippine Economic Zone Authority (PEZA) recently signed a joint memorandum circular on the establishment of technoparks called Knowledge, Innovation, and Science Technology or KIST parks at the DOST Main Building in Taguig. The memorandum was signed by DOST Secretary Renato U. Solidum Jr. and PEZA Director General Teroso O. Panga.
A memorandum of understanding between DOST and PEZA was also signed way back on January 24, this year and is now on full steam, where both parties are fully committed to plan and craft strategies and policies to support the establishment of KIST parks in the regions.
What are KIST Parks?
KIST parks are among the emerging programs of DOST where special economic zones are established within colleges and universities in the country. It aims to help in leveraging engineering and other related programs to address the human resource needs of the respective industries.
According to DOST, these KIST parks will pave the way for newly-formed companies that use science, technology, and innovation to access various enabling services from the department to spur economic development in growth areas in regions around the country.
Secretary Solidum said, “Aligned with the goal of the current administration and the new direction of the department, the establishment of KIST parks will be integral to the creation of start-ups, spin-offs, and S&T-based firms, complementing the efforts on technology business incubation and acceleration.”
KIST parks will also boost research and development efforts that are drivers of economic growth as technology transfer is maximized.
"KIST parks will play a significant role in increasing R&D infrastructure, fostering collaboration in R&D with foreign partners, facilitating technology transfer, and upscaling our workforce toward innovation," added Panga.
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