Young entrepreneurs were assisted by the Ministry of Information Technology and Telecommunication as part of its flagship start-up echo system initiative, which generated $355 million in investment in 2022. The Securities Exchange Commission of Pakistan (SECP), Federal Board of Revenue (FBR), State Bank, and Intellectual Property Organisation have all received policy proposals from the IT ministry to help the ecosystem, according to a ministry of IT official.

Ignite is also creating a start-up platform that will aid investors in reviewing firms under several industry or topical categories, he said. The regulatory procedure for the start-up ecosystem will be facilitated by these recommendations. Investors will ultimately benefit from this while purchasing. In addition, using that site, start-ups may communicate with investors and present their ideas. So, it is a business matching website that will aid in the relationship-building process between investors and start-ups.

The official said that Pakistan had become a paradise for investment in the IT & Telecom sector during the previous four years. In the previous year, diverse sources invested $20 million in the start-ups housed at the country's National Incubation Centers. Up to 20 training facilities were constructed around the country as part of the National Freelance Training Project, which was started and supported by the Ministry of IT. He said that 8,647 alumni from international standard IT courses contributed to the country’s economy by earning $23 million in freelancing after training.

A total of 1638 new IT firms were registered with the Pakistan Software Export Board in 2022, along with 761 call centres and 1463 freelancers. He said that in order to foster new enterprises in these sectors and increase exports, the ministry is also setting up specialised incubation centres in the fields of agriculture and textiles, aerospace technology, and gaming and animation. He said Ignite is launching an accelerator programme for the supply of early-stage finance to help young entrepreneurs maintain their operations.

In order to expose the local start-up ecosystem to foreign investors, Ignite is working with international partners including Plug & Play, Orbit, DMZ, 500 Global, and Hub 71. According to the official, 33 million people - or 75% more than the target - have signed up for freelance courses through Ignite's DG Skills Programmes. The $290 million earned by the freelancers educated by DG Skills by June 2022 have increased the country's foreign exchange reserve.

Credit: Independent News Pakistan-WealthPk