The official declared that Pakistan had become “a paradise for investment in the IT and telecom sectors” over the previous four years.
Under its flagship project of startups ecosystem, which attracted $355 million in investment during the year 2022, the Ministry of Information Technology and Telecommunication assisted young entrepreneurs.
The State Bank, SECP, FBR, and Intellectual Property Organizations have received policy recommendations from the IT ministry to help the startup ecosystem, according to a Ministry of IT official on Tuesday.
These suggestions will simplify the regulatory framework for the startups ecosystem. He added that Ignite was also creating a startup portal to assist investors in evaluating startups in various industries or topical areas.
And eventually, this will aid investors in making investment decisions. Second, through that portal, the startup can communicate with investors and present their ideas. So, it’s a business matchmaking website that will aid in connecting startups and investors.
The official declared that Pakistan had become “a paradise for investment in the IT and telecom sectors” over the previous four years.
According to him, eight ignite incubation centres have sparked an entrepreneurial spirit in the nation that is assisting in the creation of new startups in almost every industry. In the previous year, various sources invested $20 million in the start-ups housed in the nation’s National Incubation Centers.
Up to 20 training centres were established across the nation as part of the National Freelance Training Program, which was started and funded by the Ministry of Information Technology.
He claimed that 8,647 graduates from international standard IT programmes contributed to the economy of the nation by earning $23 million in freelancing after completing their education. A total of 1638 new IT companies registered with the Pakistan Software Export Board during the year 2022, along with 761 call centres and 1463 freelancers.
In order to foster more businesses in these sectors and increase exports, he added that the ministry was also setting up specialized incubation centres in the fields of agriculture and textiles, aerospace technologies, and gaming and animation.
He explained that Ignite was launching an accelerator programme for the provision of early-stage investment to help early-stage startups maintain their operations. In order to help the local startup ecosystem attract foreign investors, Ignite is working with international partners like Plug & Play, Orbit, DMZ, 500 Global, and Hub 71.