LAHORE
Punjab Minister for Information Technology Raja Yasir Humayun Sarfraz has said that the provincial government envisions technology as an engine of economic growth as IT is opening new frontiers every day.
The minister said this while addressing a memorandum of understanding signing ceremony between Punjab Information Technology Board (PITB) and Stockholm-based Nutty Ventures for providing increased exposure to Pakistani startups in Sweden.
Sarfraz said, “Our aim is to provide best-in-class coaching to startups, so they can compete at an international level for visibility and necessary funding for accelerating growth. I value this partnership because it will provide exciting opportunities to our local startups and will further strengthen PITB’s existing programmes in entrepreneurship and freelancing domains”.
Speaking on the occasion, PITB Chairman Azfar Manzoor said that Pakistani startups have made their mark in the global arena which is manifested through an increase of over 300 percent in funding raised by local startups during the last year.
He said that PITB’s entrepreneurship and freelancing programmes are not only facilitating the youth of Punjab through incubation and skills development programmes but are also helping them in creating the much-needed linkages with foreign investors and venture capitalists.
The agreement also aims at creating tailor-based coaching opportunities for Pakistani startups, strengthening acceleration programmes and creating opportunities for international investors and venture capital funds to consider investing in Pakistani startups.
Sweden is one of the leading countries in the world in innovation, startup activity, and more recently in impact. According to a recent report, Stockholm currently has the highest number of tech unicorns per capita in the world after Silicon Valley.
As many as 52 Pakistani start-ups raised a record $305 million in initial and advanced level financing from across the world in the first nine months (January-September) of the current year 2021.
The startups have raised money in sectors including transport and mobility, logistics, e-commerce, fintech, heath and freight. The increasing global investors’ appetite suggests Pakistan is poised to attract up to $1 billion in 2022.
