The Investment Conference, organized by USAID and OPEN Silicon Valley, was held in a local hotel. Federal Minister for IT & Telecom Syed Amin-Ul-Haque was the chief guest at the conference. The primary focus of the conference was to discuss the global investment climate, as well as the challenges and opportunities present in Pakistan’s investment landscape, and how foreign investors can increase investment in Pakistan.
The Federal IT Minister appreciated the efforts made by Mr. Junaid Qureshi of OPEN Silicon Valley and USAID for doing a roadshow around Pakistan to promote US investment in Pakistan. He welcomed entrepreneurs and business people from the US to bring their investments to Pakistan. The minister also mentioned that the Ministry of IT & Telecom’s efforts in the last four years made Pakistan a paradise of investment in the IT & Telecom sector.
The Federal Minister for IT & Telecom also stated that $355 million investment was made in the startup ecosystem in 2022. To facilitate the startup ecosystem, policy recommendations have been drafted for State Bank, SECP, FBR, and Intellectual Property Organizations. These recommendations will ease up the regulatory processes for the startup ecosystem. Ignite is also developing a startup portal that will help investors to review startups under different sectors or thematic areas. This will eventually help investors do their shopping. Secondly, startups can also interact with investors and pitch their proposals through that portal. It is a business matchmaking portal that will help startups and investors build a relationship.
The minister further added that on his recommendation, the Government of Pakistan has offered various facilities and relief to the industry. Recently, the Finance Minister officially announced to resolve the main issues facing the IT industry regarding 35% repatriation of foreign exchange and set up an FBR special desk in Islamabad, Karachi & Lahore. The Organization of Pakistani Entrepreneurs (OPEN) is a network of thousands of Pakistani entrepreneurs and professionals all around the world, working and leading some of the most innovative companies of our time. OPEN charter members have a net worth of over $2 billion and have had exits of more than $12 billion.
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