Pakistan Prime Minister Shehbaz Sharif launched the Freelancers & Venture Capital Initiative in Islamabad on Tuesday, with the aim of fostering connections between startups and venture capitalists to bolster the country’s information technology-based exports, as reported by Pakistani state media.
During the launch event, Prime Minister Sharif visited various stalls showcasing innovative projects, such as drones for agricultural purposes, IT-led medical systems, and the use of banana peels for different products.
In light of the initiative, PM Sharif urged the IT ministry to formulate a coordinated mechanism and policy framework for the IT sector, seeking cabinet approval to ensure smooth implementation of the projects under the interim government.
The prime minister emphasized the need to harness the untapped talent across Pakistan and take responsibility for providing training and maximum funding to support their endeavors. He also stressed the significance of increasing the number of incubation centers across the country to bolster future exports.
In the outgoing fiscal year 2022-23, Pakistan achieved record-breaking figures in net IT export inflows, amounting to $2.3 billion, with a notable growth rate of 15 percent. This impressive growth was attributed to the rise in computer services net exports, which saw a 17 percent increase year-on-year, reaching $1.86 billion.
IT Minister Aminul Haq mentioned that the ministry was actively facilitating approximately 20 incubation centers in various regions of the country. The ministry is striving to enhance connectivity as a fundamental requirement for IT growth and is making efforts to boost women’s participation in IT start-ups.
Special Assistant to PM on Youth Affairs, Shaza Fatima Khawaja, highlighted that the ceremony marked the second round of the National Innovation Award, recognizing 50 winners and connecting them with investors to capitalize on their innovative ideas.
Khawaja also revealed that the government had allocated Rs5 billion for the IT sector, with Rs2 billion earmarked for venture capital, and Rs1 billion each for IT training and the IT endowment fund.
The Freelancers & Venture Capital Initiative is expected to play a pivotal role in accelerating Pakistan’s IT sector growth, supporting local talent, and driving the country’s IT-based exports to new heights.
