ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Tuesday launched the Freelancers Adventure Capital Initiative in Islamabad that is aimed at connecting startups with venture capitalists to boost the country's information technology-based exports, Pakistani state media reported.
The prime minister visited various stalls set up by youngsters at the launch venue, where he was briefed about the innovative projects, including drones for agriculture purposes, IT-led medical systems, and the usage of banana peels for different products, the state-run APP news agency reported.
PM Sharif asked the IT ministry to formulate a coordinated mechanism and policy framework for the IT sector for the cabinet's approval so that the interim government could carry the projects forward without any impediment.
“This is the untapped talent across Pakistan which we have to own,” the report quoted the prime minister as saying. "This is our responsibility to arrange trainings and provide maximum funding."
He stressed the need to increase the number of incubation centers across the country to boost the country's exports in the future.
Pakistan's net IT export inflows achieved record-breaking figures of $2.3 billion, a growth of 15 percent, in outgoing fiscal year 2022-23 ending on June 30.
Experts attributed this remarkable growth to the increase in computer services net exports, which rose by 17 percent year-on-year $1.86 billion.
IT Minister Aminul Haq said his ministry was facilitating around 20 incubation centres in various parts of the country.
"The IT ministry was endeavoring to increase connectivity as a prerequisite for the IT growth," Haque said. "Efforts were underway to enhance women participation in the IT start-ups."
Special Assistant to PM on Youth Affairs Shaza Fatima Khawaja said the ceremony marked the second round of National Innovation Award with 50 winners and connected them with investors to capitalise on their ideas.
"The government had allocated Rs5 billion for the IT sector, including Rs2 billion for venture capital and Rs 1 billion each for IT training and IT endowment fund," she was quoted as saying.
