Prime Minister Imran Khan announced the launch of the Pakistan Technology Startup Fund on Tuesday, which would provide seed investment to approximately 50 firms each year.
According to a report by the official broadcaster, the Pakistan Technology Startup Fund will annually grant Rs 1 billion in seed capital to roughly 50 startups.
The premier made the statement during a meeting in the country’s federal capital to discuss his foreign trips and government-sponsored IT initiatives. Khan described Pakistan’s information technology sector and tech-savvy youth as a vital asset that can help the country bridge its massive current account deficit.
PM also underlined the importance of empowering the IT industry by providing them with the best possible incentives and ease of doing business. He also announced a reform package aimed at boosting the IT sector’s growth.
In the first phase, Special Technological Zones (STZs) were also planned in the federal and provincial capitals to develop technology innovation and investment hubs in cities.
PM added that sectors of the Capital Development Authority (CDA) in the country’s federal capital will be designated as Special Technology Zones (STZs), allowing IT enterprises and freelancers to benefit from the Special Technology Zones Authority’s perks (STZA).
In order to assist IT startups, he also directed that essential modifications in foreign exchange and income tax rules be made.