Pakistan is witnessing a digital revolution led by its youth with their innovation and entrepreneurial skills,” said Pakistan’s Ambassador to the United States.
With leading US venture capital firms focusing on supporting Pak start-ups and the fast paced regional transformation, particularly the quest to embrace technology and employ IT solutions in the country’s neighborhood, have created huge opportunities for the youth of the country, guaranteeing bright future of Pakistan,” he continued.
Ambassador Masood Khan made these remarks while talking to Mr. Pervez Abbasi, Project Director National Incubation Center here at the Embassy of Pakistan Washington DC.
He said that the existing linkages of the country with Central & West Asia, Middle East and North Africa have shaped a new digital ecosystem to create robust virtual linkages. IT skilled youth of Pakistan could play a pivotal role in digital transformation of the region, he continued.
Mr. Abbasi briefed the Ambassador on the efforts to create linkages between market and the universities, fostering innovation and nurturing entrepreneurial talent of the youth for the growth of startup ecosystem.
Mr. Abbasi apprised the Ambassador about linkages with US official and private entities with especial focus on connecting diaspora in Bay Area and Silicon Valley. He also informed the Ambassador about efforts being made to create awareness, provide industry-specific information to the potential investors and creating networks among the youth.
Discussing investments especially in startup sector, Mr. Abbasi said that despite global downturn and recession worldwide, more than 30 international and local venture funds were currently prioritizing the country and supporting its startups in various sectors. Talking about the significant increase in investment in startups, he said that from a figure of $77 million in 2020, the investment in startups stood at $380 million in 2022. We have registered 20% increase in the investment during first half of the current year as compared to the preceding year, Mr. Abbasi said.
Mr. Abbasi noted a rising trend towards owning businesses among the youth as compared to seeking jobs opportunities, which he said reflected entrepreneurship and business orientation of youth.
Masood Khan appreciated critical role that National Incubation Centre was playing to enhance employability of the youth and equipping them with market-oriented technical and behavioral skills. He particularly commended the advisory role that the organization was playing to facilitate investments in the country and also helping young people find greater job opportunities.
With regard to Pak-US bilateral trade in IT and tech sector, Masood Khan noted that Pak exports to US in IT sector alone stood at around $1.16bn during first three quarters of the current year. Around $1 billion was being invested by the US firms in Pakistan in IT and services. Noting huge potential in health-tech, agri-tech and small businesses, the Ambassador also highlighted the robust growth of fintech in recent times.
To further promote linkages among IT professionals especially Pak-origin IT experts and professional in Bay Area, Silicon Valley and other parts of the United States, the Ambassador suggested Project Director NIC hold meetings with students and IT experts.
Washington D.C, Jul 07, 2023
