March 07, 2023 (MLN): The Ministry of Information Technology and Telecommunication (MoITT) has successfully attracted $355 million in investments for its startup ecosystem project in 2022, said an official of MOITT on Tuesday.
The ministry has created policy recommendations for regulatory organizations, including the State Bank, SECP, FBR, and Intellectual Property Organizations, to simplify the regulatory process for startups, he added.
Additionally, Ignite is developing a startup portal that allows investors to review and interact with startups under different sectors and themes, facilitating business matchmaking between startups and investors.
Pakistan's IT and Telecom sector has become a paradise for investment due to the efforts of the ministry over the past four years.
The ministry's National Incubation Centers have established an entrepreneurial environment in Pakistan, resulting in $20mn of investments in startups. The National Freelance Training Program, which was initiated and funded by the ministry, trained 8,647 graduates through international standard IT courses, who contributed $23mn to the economy through freelancing.
In 2022, 1,638 new IT companies registered with the Pakistan Software Export Board, along with 761 call centers and 1,463 freelancers. T
he ministry plans to establish specialized incubation centers in agriculture and textile, aerospace technologies, and gaming and animation to encourage business growth and boost exports.
Ignite is also introducing an accelerator program to provide early-stage investment for startups, and is collaborating with international partners to attract foreign investors to the local startup ecosystem.
