The government is in the process of launching a venture capital fund in collaboration with global investors, with a commitment to secure investments of at least $1 billion for startups.
This significant development was revealed by Dr. Umar Saif, the Caretaker Minister for IT and Telecommunications, during a meeting with a high-level delegation from the US-AID Mission.
The delegation, led by Mission Director Kate Somvongsiri, included Senior Advisor to the Mission in the Private Sector, Diaspora Engagement & Digital Technology Kanwal Bokharey, and ECON Counselor John Letvin. The meeting primarily focused on bilateral issues related to investment by American companies in Pakistan.
Dr. Saif extended an invitation to the diaspora to explore and unlock Pakistan’s investment potential, offering full support for the upcoming “Investment in Pakistan” Conference scheduled to take place in the USA in November this year.
The Caretaker Minister disclosed that a venture capital fund, facilitated by government assistance, is being established to attract global investors. This fund is expected to secure investments totaling at least one billion dollars for startups.
Highlighting the recent signing of a Memorandum of Understanding (MoU) for a $40 million investment at an investment conference organized by US-AID and Silicon Valley, Dr. Umar Saif emphasized the Information and Communication Sector’s pivotal role in global investment for Pakistan. He further stressed the caretaker government’s commitment to maximizing investment opportunities and providing incentives and facilities to global companies.
Kate Somvongsiri, the US-AID Mission Director, acknowledged Pakistan’s status as a substantial and appealing market for IT and Telecom sector investors. She expressed her efforts to strengthen collaboration between American investors and Pakistani companies. Dr. Umar Saif received a special invitation to attend an investment conference scheduled to take place in the United States in the first week of November this year.
This collaborative effort aims to catalyze investment between the US+Pakistani diaspora and Pakistani companies, further solidifying Pakistan’s position as an attractive destination for global investments in the technology sector.
