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HomeEconomyInvestment in Pakistani startups grew by over 5 times since 2020: Minister

Investment in Pakistani startups grew by over 5 times since 2020: Minister

May 30, 2022 (MLN): Federal Minister for IT & Telecommunications Syed Amin-Ul-Haque has said that the investments of Pakistani startups grew by over 5 times since 2020, MOITT through Ignite have been providing both local and international networking platforms to our start-ups to pitch their business ideas and products to potential customers and investors.

He was addressing NIC Lahore as Chief Guest at LUMS for the graduation ceremony of its eighth cohort where cash awards were given to the top three graduating start-ups. Vice-Chancellor LUMS, Dr. Arshad Ahmad, CEO Ignite, Asim Shahryar Husain, Executive Director NITB & Chairman Board of Ignite, Syed Husnain Abbas Kazmi, and other officials were present at the occasion. Federal Minister was introduced to NIC Lahore alumni and later visited the different parts of NIC including a state-of-the-art Makers Lab.

Giving his remarks at the graduation ceremony, Federal Minister for IT and Telecommunication, Mr. Syed Amin Ul Haque advocated for the role of #technology in the Government’s mission to grow the entrepreneurial ecosystem of Pakistan. He said that IT ministry has taken many steps to boost IT exports and investment in Pakistan. IT exports had crossed $2.1 billion last year and target for this year is $3 billion.

Syed Amin-Ul-Haque further said that National Incubation Centers (NIC) in Islamabad, Lahore, Peshawar, Karachi and Quetta has not only facilitated many like you to work and build on ideas which promote and encourage the investment infrastructure in Pakistan but also towards an accelerated economy. These National Incubation Centers are your platform and we are the facilitators.

“The newly established incubation centers of Hyderabad and Faisalabad will help us expand and tap into the potential of Sindh and Punjab, we wish to provide the youth of a forum to bring your ideas into reality” he added.

CEO Ignite, Asim Shahryar Husain, stated that Ignite will launch at least 5 more NICs in the new cities in Pakistan. Executive Director NITB & Chairman Ignite Board Syed Hussnain Abbas Kazmi in his address to the graduating startups encouraged the entrepreneurs to continue on the path of innovation and reaffirmed the support of the government in their endeavors.

We are eager to refurbish the infrastructure of our entrepreneurial endeavors with modern-day ideas, said Dr. Arshad Ahmed, Vice-Chancellor, LUMS.  

Earlier while briefing the audience, Nauman Zaffar, Project Director NICL, reinforced the center’s vision to inspire, enable and facilitate the next generation of Pakistan’s problem solvers. He said, National Incubation Center Lahore at LUMS funded by Ignite passionately supports and enables ideas that create value in Pakistan.

Pitch presentations were also given by the winning startups about their products and future plans. Ignite’s forecast for investment in Pakistani startups this year is between $500-$600 million.

Earlier, during the graduation and prize distribution ceremony, a cash prize was awarded to the three strongest graduates. The first prize was given to QBio, a life sciences venture to establish Pakistan’s leading enzyme biotechnology company; the second prize went to Dawa Asaan, Pakistan's first smart pharmacy providing pre-sorted and pre-packed medicines for chronic illness patients on a monthly subscription; and the third prize went to Peervest Global, a digital equity-based crowdfunding platform that connects tech-enabled start-ups with eligible investors to provide funding and networking opportunities.

Press Release

Posted on: 2022-05-30T17:01:26+05:00

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