Abstract: Higher Education Institutions (HEIs) have a strong role in the socio-economic development of the countries. Universities all over the world are expected to contribute in developing the economies, the communities and the leadership of the nations. Various countries and their Higher Education authorities have adopted different mechanisms to be followed by their institutions. Pakistan Higher Education Commission (HEC) has directed all the Degree Awarding Institutions (DAIs) of the country to establish the Office of Research, Innovation and Commercialization (ORIC) to promote the culture of commercializable research for impacting the economy through the development of new and innovative technologies. This report gives an overview how National University of Sciences and Technology (NUST), Pakistan has realigned its strategic goals with the overall national needs. 
Countries economic strength and growth lie in their Government Policies, Industrialization and management and utilization of Human Capital. Universities around the globe are surely contributing in developing the intellectual capital. They however have the capacity in meeting the challenges in other two areas. Universities can build new technologies for the industry and can have think tank forums for advising public functionaries. NUST has launched various initiatives to address these needs. The academic programs of the National University of Sciences & Technology (NUST) are designed to meet the challenges of the new millennium. Fields of Engineering, Life Sciences and Natural Sciences are continuously updated with emerging trends. Besides preparing professionals to manage the ever-growing demands of a knowledge economy with requisite degree of expertise, NUST has launched Corporate Advisory Council (CAC) to have close linkage between the Industry and the academia. The technical and academic strengths of NUST; combined with the needs of the Industry to find innovative, practical and cost-effective solutions; and the need of the economy to flourish through advancements in technology; are the basis for the establishment of the Corporate Advisory Council (CAC) at NUST. The other initiative that NUST has undertaken is the establishment of Global Think Tank Network (GTTN). The main objective of GTTN is to prepare policy guidelines for the Government functionaries on technical matters. This report highlights the working details and the successes achieved through these initiatives.