Federal Minister for Information Technology Dr Umar Saif on Tuesday launched the Pakistan Startup Fund, aimed at catalyzing investments in Pakistani startups.
The launching ceremony was attended by local and international venture capitalists, diplomats, and renowned technology companies.
Dr Saif, while addressing the event, said that the government had allocated Rs 2 billion for the Pakistan Startup Fund to accelerate venture capital investment in the country.
He said the Fund would provide financial assistance to the startups, with each receiving 30% support, while venture capitalists would contribute the remaining 70% of the capital.
The minister expressed the confidence that the Startup Fund would play a key role in Pakistan’s economic development and expressed the commitment of the Ministry of Information Technology to providing facilities and support to the startups.
He expressed optimism about the Fund’s potential impact on the startup ecosystem, expecting it to pave the way for increased technological advancements and economic opportunities. He said that currently, the country had more than 4,000 active startups, supported by eight National Innovation Centers.
Over the last four years, the startups had attracted nearly $800 million in foreign investment, he said, adding the Fund would create value of at least Rs 50 billion per year in the startup ecosystem.—APP
