Report sheds light on start-up culture

Offers analysis of opportunities and challenges faced by young entrepreneurs

ISLAMABAD:

A report on the status of businesses spearheaded by the young generation of Pakistan, which naturally includes insight into the local start-up culture titled “State of Youth Entrepreneurship Ecosystem in Pakistan” has been published.

The report was brought about through the collaboration of The Commonwealth Secretariat, UNDP Pakistan and the Islamic Development Bank.

This ground-breaking report provides valuable insights into the current landscape of youth entrepreneurship in Pakistan and offers strategic recommendations to foster a dynamic and inclusive ecosystem for young entrepreneurs.

The launch event, which was held in Islamabad, featured a keynote address by the Prime Minister's Youth Programme (PMYP) Chairman, Rana Mashhood Ahmed Khan, who commended the collaborative efforts behind the report and emphasised the government's unwavering commitment to support youth entrepreneurship in Pakistan.

In his address, the Chairman highlighted some of the transformative initiatives undertaken by PMYP to promote entrepreneurship across Pakistan. In particular, he underscored the success of the programme’s Business Loan Scheme, which has to date disbursed Rs83.6 billion to young entrepreneurs, including 16,000 female entrepreneurs since its relaunch by Prime Minister Shehbaz Sharif on January 24, 2023.

The scheme has provided loans to 140,000 youths, including those engaged in agriculture, microfinance, and interest-free ventures, enabling them to turn their innovative ideas into thriving businesses.

Additionally, the Chairman also noted the impact of the National Innovation Award, which provides financial support, mentorship, and incubation resources to help young entrepreneurs realize their full potential and foster a culture of innovation and creativity in Pakistan.

"I am delighted to witness the launch of the 'State of Youth Entrepreneurship Ecosystem in Pakistan' report, which provides invaluable insights into the challenges and opportunities facing young entrepreneurs in our country," he said. "The PMYP remains committed to empower the next generation of entrepreneurs, and we call upon our development partners and the private sector to join us in implementing the recommendations outlined in the report."

The launch event brought together government officials, development partners, representatives from the private sector, and aspiring young entrepreneurs to discuss strategies for enhancing the entrepreneurship ecosystem in Pakistan and driving sustainable economic growth.

The "State of Youth Entrepreneurship Ecosystem in Pakistan" report serves as a roadmap for policymakers, development agencies, and stakeholders to design targeted interventions that support youth entrepreneurship and contribute to economic development in Pakistan.

Published in The Express Tribune, May 13^th, 2024.