Pakistani startups have raised $300mn so far: Shibli Faraz

Minister of Science and Technology Shibli Faraz observed that the incredible rise in investment in the country’s technology sector is indicative of the fact that Pakistan is brimming with skilled entrepreneurs. 

As reported by The Express Tribune, the minister made this comment while virtually addressing the Pakistan Tech Summit in Istanbul on Monday.  

“Pakistani startups have raised around $300 million so far this year,” he said. “The government is working to provide an environment where startups can grow and compete.” 

According to the minister, 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 realize the development journey. 

Emphasizing the immense growth potential held by Pakistan’s technology sector, he said that the country had worked towards ease of doing business to attract investment to the sector. 

He was of the view that increase in collaboration with Turkish counterparts could accelerate growth of the sector.  

“It will help showcase Pakistani talent at an international level and nurture the local technology ecosystem,” the minister noted. 

Also speaking on the occasion, senior science official from Khyber-Pakhtunkhwa Atif Khan told event participants that the two countries needed to focus on the technology sector. 

“Technology gives us the opportunity to get out of geographical boundaries and limitations,” he said. “It allows us to become a global citizen and compete in the international arena.” 

The official underlined the need for offering proper training in this regard. 

Pakistan’s IT exports rose 47% last year, Khan noted, adding that with 60% of the population below the age of 29 years, Pakistan should properly channel and utilize the skills of its people. 

He invited 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.