Islamabad, Dr. Umar Saif, the Caretaker Minister for IT and Telecommunication, has inaugurated the first-ever “Pakistan Startup Fund” in Islamabad, marking a significant milestone in the country’s efforts to boost its entrepreneurial ecosystem and enhance its global business footprint.

According to Ministry of Information and Broadcasting, the Pakistan Startup Fund is designed to stimulate venture investments within the country and elevate Pakistani startups to prominent positions internationally. This initiative reflects the government’s commitment to fostering innovation and entrepreneurship, key drivers of economic growth and technological advancement.

During the fund’s inaugural ceremony, Dr. Saif announced that the government plans to allocate up to two billion rupees annually to support this endeavor. This substantial financial commitment underscores the importance the government places on nurturing startups and encouraging venture capital investment.

A notable feature of the Pakistan Startup Fund is its collaborative investment strategy. Dr. Saif explained that if a foreign venture capitalist values a Pakistani startup at one million dollars, the venture capitalist would need to invest only 700,000 dollars. The remaining 300,000 dollars would be provided as a grant by the Pakistan Startup Fund, facilitating the completion of the investment round. This approach is expected to attract more foreign venture capital into Pakistan, boosting the country’s startup ecosystem.