Govt Setting Up Venture Captial Fund for $1 Billion Investment in Startups: IT Minister

A venture capital fund is being set up for global investors with government assistance, which will ensure at least $1 billion investment for startups.

This was shared by Caretaker Minister for IT and Telecommunications Dr. Umar Saif during a meeting with a high-level delegation of the US-AID Mission here on Thursday.

Senior Advisor to the Mission in the Private Sector, Diaspora Engagement & Digital Technology Kanwal Bokharey and ECON Counselor John Letvin were part of the delegation led by Mission Director Kate Somvongsiri. During the meeting, bilateral issues related to the investment of American companies in Pakistan were discussed.

Dr Saif offered the diaspora to come and unlock Pakistan’s investment potential and extended all his support for the “Investment in Pakistan” Conference to be held in the USA in November this year.

He told the USAID Mission that a venture capital fund is being set up for global investors with government assistance, and the fund will ensure at least a one-billion-dollar investment for startups.

Dr. Umar Saif further said that on the way of Pak-US trade relations, the signing of a Memorandum of Understanding (MoU) for the investment of $40 million at an investment conference last Saturday organized by US-AID and Silicon Valley was a big milestone.

He said Pakistan’s Information and Communication Sector is paving the way for global investment, adding that the priorities of the caretaker government include maximizing investment opportunities and providing all related incentives and facilities to global companies.

US-AID Mission Director Kate Somvongsiri said, “There is no doubt that Pakistan is a big and attractive market for investors in the IT and Telecom sector, we are trying our best to increase the collaboration between American Investors and Pakistani Companies”. She extended a special invitation to caretaker IT Minister Dr. Umar Saif to attend the investment conference to be held in the United States in the first week of November this year.

The 2nd part of the ‘Invest in Pakistan’ conference collaboration with USAID and the Organization of Pakistani-American Entrepreneurs North America (Silicon Valley) aimed to catalyze investment between the US+Pakistani diaspora and Pakistani companies.

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