A one-day conference on promotional measures for the establishment of venture capital companies for technological development and growth was arranged under the auspices of the Ministry of Science and Technology.
The conference was hosted by NUST in NSTP (National Science and Technology Park). The purpose of the conference was to develop a policy framework for venture capital companies. Federal Minister for Science and Technology Senator Shibli Faraz was present as the Chief Guest at the conference.
Various stakeholders of the conference included SECP (Securities and Exchanges Commission of Pakistan), FBR (Federal Board of Revenue), HEC (Higher Education Commission), IPO (Intellectual Property Organization), the State Bank, venture capital companies, startups, incubation centers, and the Ministries of Commerce, Industries and Finance.
A policy and framework for venture capital companies have been included as part of the Performance Agreement FY 2021-22 and 2022-23.
Moreover, this task is also part of the mandate and responsibility of the Ministry of Science and Technology as per the Rules of Business 1973 as, “Initiate promotional measures for Establishment of venture capital companies for Technological Development and Growth”.
While addressing the conference, Senator Shibli Faraz said, “Start-up culture in Pakistan is a recent phenomenon and the main hurdle for entrepreneurs is that of financing. Our government, under the leadership of the honorable Prime Minister, aims at providing opportunities to startups and business.”
He added, “We need to identify those sectors for investment by venture capital companies which can lead to the technological development and growth.”
Rector National University of Science and Technology (NUST) Lt. General (Rtd) Javed Mehmood Bukhari, Secretary MoST Akhtar Nazir, and keynote speaker Faisal Aftab, MD Zayn Capital, also addressed the conference.
While addressing the conference, Javed Mehmood Bukhari, Rector NUST, said, “Pakistani startups have attracted over $300 million of investment in this year so far, which is more than the combined investment obtained in the previous 6 years.”
“We at NUST firmly believe that something remarkable is happening with respect to the viability and credibility of the Pakistani market which is drawing the interest of international investors. The inclusivity of NSTP in bringing together academia and the industry is evident from the fact that there are as many as 100+ companies housed at NSTP owned by Pakistanis, foreigners, and ex-pats,” said Javed.
“The ecosystem is now ripe for venture capital investments to take it to its next natural step. This initiative is so relevant to the current economic and technological landscape of our country,” he further added.