On Monday, the Minister of Science and Technology, Shibli Faraz stated that the incredible surge in investment in Pakistani startups, promoting the technology division of the country. Moreover, the recent surge in investments shows that Pakistan is brimming with skilled entrepreneurs. According to recent reports, the minister made this observation while virtually addressing the Pakistan Tech Summit in Istanbul.
Pakistani Startups Raising $300 Million Investment Promotes Pakistan’s Tech Division
“Pakistani startups have raised around $300 million investment so far this year,” stated Shibli Faraz. “The government is working to provide an environment where startups can grow and compete.” According to the minister, Pakistani startups do not exist in a vacuum and there is a need for Pakistan to make efforts and cover all aspects of the sector to understand the improvement journey.
Pakistan in Collaboration with Turkey Will Nurture Local Technology Ecosystem
Furthermore, the minister, Shibli Faraz stressed the tremendous growth potential held by Pakistan’s technology sector after Pakistani startups raised an impressive amount of $300 million investment. He said that the country had worked towards the efficiency of conducting business to attract investment to Pakistani startups. He believes that an increment in collaboration with Turkish counterparts could expedite the growth of the sector.
Technology Allows Us Pakistanis to Become a Global Citizen
“It will help showcase Pakistani talent at an international level and nurture the local technology ecosystem,” remarked Shibli Faraz. Further speaking on the event, senior science official from Khyber-Pakhtunkhwa Atif Khan told event participants that the two countries needed to concentrate on the technology division. “Technology allows us to get out of geographical boundaries and limitations,” he said. “It allows us to become a global citizen and compete in the international arena”, and the startups in Pakistan raising $300 million investment is the proof of it.
In addition to the brilliant achievement of startups raising $300 million investment this year, the official emphasized the need for offering proper training in this regard. Pakistan’s IT exports increased by 47% last year, Khan noted, continuing that with 60% of the population below the age of 29 years, Pakistan should suitably channel and utilize the skills of its people. He requested Turkish companies to invest in Pakistan’s IT sector. “Pakistan and Turkey have to collaborate. It is not an option for us … we have to collaborate,” he said.
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Source: Express Tribune
