The entrepreneurial network contributes a lot even when it comes to trade or cultural ties between countries. They influence the success of new start-ups and provide opportunities for optimal utilization of resources. But sometimes these start-ups lack innovative ideas and investors to survive in the economy.
Cross-border enterprise development provides an exchange of resources, opportunities and investment promotions in order to facilitate the entrepreneurial network on a larger scale, thus increasing the survival rate of startups.
Does Pakistan Need Help from Other Nations when it comes to Entrepreneurship?
Pakistan is gifted with great natural and human resources but the entrepreneurial environment lacks suitable government supervision, credit facilities and skilled labor. Proper initiatives, if taken can improve the skills of individuals which in turn can help to create more employment opportunities in the country.
We cannot ignore the importance of entrepreneurship as it is the best way of using available resources with proper management.
SEED Ventures, an enterprise development organization, which promotes innovative and entrepreneurial ideas in Pakistan has recently signed a memorandum of understanding (MOU) with British Business Centre (BBC). Â The decision has been taken to encourage entrepreneurship between UK and Pakistan. By exchanging innovative ideas, the two countries have agreed to develop the entrepreneurial capabilities of individuals.
This memorandum was signed in the presence of Ishrat Hussain, former governor of State Bank of Pakistan, by the Chief Executive Officer of SEED Ventures and Co-Founder Faraz Khan, British Deputy High Commissioner John Tucknott in Karachi, Khusro Ansari who is the director and co-founder of Seed Ventures and also with few of the other important business community members.
Cross-border Enterprise Development and Its Place in Economy
For economic development, cross-border cooperation work as a tool therefore both the parties have converged to offer greater prospects to enterprises, improved finance access and development of small businesses by collaborating with the private sector and UK’S local organizations.
Dr. Ishrat Hussain stressed on the importance of bilateral trade and investment relationship as the government intends to continue building such ties between the two countries in future. He stated that cross-border enterprise is a requirement for faster internationalization and the government needs to overcome the obstacles that arise in building of such enterprises. The government wants British investors to explore the resources and opportunities that our land holds for future businesses so that they can provide professional aid to help companies expand.
Faraz Khan, CEO of Seed Ventures, stated in his speech that start-ups and SME entrepreneurship sector is rapidly increasing in Pakistan but it lacks finances and support to move towards further development. He stressed upon the fact that industries cannot provide job opportunities to the growing number of college graduates. Therefore there is need for government to introduce projects that can increase cross-border trade relations and financial inclusions and economic empowerment.
With the collaboration of both entities, British Business Center promises to provide services of market research, event management and networking opportunities between UK and Pakistani member companies.
