Pakistan Startup Fund to be launched on Jan 9, says IT minister

Caretaker IT Minister Dr Umar Saif on Friday announced that the Pakistan Startup Fund is set to be launched on January 9.

In an interview with private TV channels, he expressed confidence in the immense potential of Pakistani youth, highlighting that Pakistan boosts the world’s second-largest online workforce.

According to Saif, Pakistani startups have attracted nearly $800 million in foreign investment during the last four years.

He said that Pakistan ranked as the seventh-largest market for mobile phones globally, with 75 million broadband users while social media users in Pakistan surpass the total population of Canada.

On initiatives for IT education, the minister said that the ongoing efforts to conduct tests for IT scholarships indicate a commitment to fostering talent and innovation in the technology sector.

The PSF aims to catalyze investments in Pakistani startups, creating a dynamic ecosystem with financial support, mentorship, and networking opportunities.

The government has also announced a 30 percent funding boost for startups securing venture capital investments, highlighting its dedication to nurturing and sustaining innovative ventures.