The Pakistani government has recently unveiled an ambitious plan to foster the growth of the country’s tech industry and attract venture capital investment. As part of this plan, a ‘Pakistan Startup Fund’ will be established with an initial allocation of over Rs2 billion, which will be matchedprivate investors. This fund aims to provide financing for startups that graduate from the program, with commitments from venture capitalists expected to contribute an additional Rs8 billion in Series ‘A’ funding.
In a strategic partnership signing ceremony, the Pakistan Software Houses Association (P@SHA) and Habib Bank Ltd (HBL) announced their collaboration in this initiative. The partnership will see the establishment of co-working spaces to accommodate around half a million IT freelancers, creating an environment conducive to tech-driven innovation.
Dr. Umar Saif, the Minister for Information Technology and Telecommunication, expressed the government’s commitment to completing the groundwork for this initiative before the newly elected administration takes office. He also announced plans to introduce next-generation 5G internet in Pakistanmid-2024, positioning the country at the forefront of technological advancement.
To further support the growth of the tech industry, the government has implemented measures to facilitate international payments and boost export earnings. IT companies are now permitted to retain 50 percent of their revenue in US dollar accounts, and corporate...
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