The Caretaker Minister for IT announced the establishment of a government-assisted venture capital fund that aims to secure a minimum of $1 billion in investments for startups.
The Caretaker Minister for IT and Telecommunications announced the establishment of a government-assisted venture capital fund that aims to secure a minimum of $1 billion in investments for startups. This ambitious initiative was disclosed during a high-level meeting with a delegation from the US-AID Mission.
The delegation, led by Mission Director Kate Somvongsiri, included Senior Advisor Kanwal Bokharey and ECON Counselor John Letvin, representing the Private Sector, Diaspora Engagement, and Digital Technology. The meeting delved into bilateral matters pertaining to the investment of American companies in Pakistan, signaling a concerted effort to bolster economic ties.
Caretaker Minister for IT and Telecommunications extended an open invitation to the diaspora, urging them to unlock Pakistan’s untapped investment potential. He also pledged his full support for the upcoming “Investment in Pakistan” Conference scheduled to take place in the United States in November this year.
Highlighting the significance of the venture capital fund, Caretaker Minister for IT and Telecommunications emphasized that it will be instrumental in mobilizing global investors, with the assurance of a substantial $1 billion investment infusion into startups.
He noted that the recent Memorandum of Understanding (MoU) signed for a $40 million investment at an investment conference organized by US-AID and Silicon Valley was a monumental step in fortifying Pak-US trade relations.
Caretaker Minister for IT and Telecommunications underscored the pivotal role of Pakistan’s Information and Communication Sector in attracting global investments, underscoring that the caretaker government’s priorities include maximizing investment opportunities and facilitating global companies with incentives and facilities.
US-AID Mission Director Kate Somvongsiri echoed the sentiment, acknowledging Pakistan’s allure as a sizable and attractive market for IT and Telecom investors.
She expressed the mission’s commitment to fostering stronger collaborations between American investors and Pakistani enterprises. She extended a special invitation to Caretaker Minister for IT and Telecommunications to attend an investment conference slated to be held in the United States in early November this year.
The second phase of the ‘Invest in Pakistan’ conference, in partnership with USAID and the Organization of Pakistani-American Entrepreneurs North America, is geared towards catalyzing investments between the US and Pakistani diaspora and local businesses. The collaboration seeks to stimulate economic growth and foster mutually beneficial partnerships.
With the establishment of the government-backed venture capital fund, Pakistan’s startup ecosystem is poised for a significant boost, setting the stage for innovative ventures to thrive and contribute to the country’s economic advancement.
The initiative signifies a concerted effort to position Pakistan as a dynamic hub for global investments and technological innovation.