Venture capital fund to seek $1b investment

Govt setting up fund to channel global financing into startups

ISLAMABAD:

Caretaker Minister of Information Technology and Telecommunication Dr Umar Saif has exhorted Pakistani diaspora to come and unlock the country’s investment potential as well as extended all-out support for the “Investment in Pakistan” conference to be held in the US in November this year.

He made the remarks during a meeting with a high-level delegation of the USAID Mission on Thursday.

Senior Adviser to the USAID Mission in the Private Sector, Diaspora Engagement and Digital Technology Kanwal Bokharey and ECON Counsellor John Letvin were part of the delegation, which was led by Mission Director Kate Somvongsiri.

They discussed bilateral issues related to investment by American companies in Pakistan.

The IT minister told the USAID Mission that a venture capital fund was being established for global investors with the assistance of Pakistan’s government, adding that the fund would ensure investment of at least $1 billion for startups.

In a sign of growing Pakistan-US trade relations, the minister mentioned the signing of memoranda of understanding (MoUs) for investment of $40 million at a recent conference, organised by the USAID and Silicon Valley, terming it a big milestone.

He emphasised that Pakistan’s information and communication technology (ICT) sector was paving the way for global investment and also outlined the caretaker government’s priorities, which included maximising investment opportunities and providing all incentives and facilities to global companies.

Speaking on the occasion, USAID Mission Director Kate Somvongsiri remarked, “There is no doubt that Pakistan is a big and attractive market for investors in the IT and telecom sector; we are trying our best to increase collaboration between American investors and Pakistani companies.”

She extended a special invitation to the IT minister for attending the investment conference in the first week of November. The second part of the “Invest in Pakistan” conference is aimed at catalysing investment in companies from the Pakistani diaspora.

Published in The Express Tribune, September 15^th, 2023.

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