A cultural shift to transform Pakistan into a startup economy

SOURCE: Urdu Point

The Federal Minister for IT and Telecommunication, Syed Amin Ul Haque has said that "the cultural shift to transform Pakistan into a startup economy cannot be achieved without the enthusiasm and drive of the youth." He made this comment while speaking at the graduation ceremony held at NED University Campus on Monday.

Syed Amin Ul Haque commented that the National Incubation Center (NIC) was playing a vital role in promoting entrepreneurship in the country. He shared that more branches of NIC should be opened in other cities such as Hyderabad in the country. He vowed that the IT Ministry wholly back young entrepreneurs who have innovative ideas to unlock the economic potential of Pakistan.

"The participation of women in NIC should be encouraged due to their participation being less than men", adding that "apart from the challenges, COVID-19 has brought some opportunities for the IT sector which has helped to increase IT exports", the minister further commented.

CEO of Ignite, Syed Junaid Imam said "we realize the need for a robust innovation ecosystem in Pakistan, we are engaging with all key stakeholders through a multitude of interventions for building a robust innovation ecosystem for startups and entrepreneurship."

He mentioned that startups are the epicenter of innovation and are fueling the growth of economies worldwide by creating new jobs, financial inclusion, reducing the income divide, contributing to the GDP, and raising the standard of living.

Along with a congratulatory note CEO LMKT, Atif Rais Khan mentioned the achievements of the previous batch of graduating NIC Karachi startups and encouraged the current outgoing batch to aim for similar heights.

NIC Karachi is an Ignite National Technology Fund funded project that is managed and operated by LMKT in collaboration with PTCL, HBL, PPAF, and NED University. The aim of the project is to facilitate and train aspiring entrepreneurs and startups from across Sindh through various program offerings and events, he said.

Shahjahan Chaudhary, Project Director, NIC Karachi emphasized the importance of collaboration between stakeholders to enable more young entrepreneurs to take on the startup journey. Senior officials of the IT Ministry and Ignite also attended the graduation ceremony.

On this occasion, Syed Junaid Imam Member IT, Ministry of IT & Telecom and Dr. Muhammad Tufail Pro VC NED University signed a MoU under which MOITT can engage requisite resources of NED University (both teachers and students) on different policy initiatives, research studies, industry analysis, and group discussions. While NED University will be provided with an opportunity for students and researchers to work on real-time industry scenarios, challenges, and case studies.

The Real Estate industry saw sizable investment activity over the last 5 years, with a total of 16 investment deals from 2015 to 2019. Access more trends and data in our 2019 Real Estate Venture Investment Report.

Source: urdupoint.com