Pakistani startups raised $373 million in investments during 2021, which is almost 5 times higher than last year’s $75 million, stated Federal Minister for IT, Amin Ul Haque, while speaking on the contract signing ceremony of its 7th National Incubation Center in Hyderabad in collaboration with the University of Sindh Jamshoro.
Syed Amin Ul Haque was the chief guest of the contract signing ceremony held on Monday. The agreement was signed by CEO Ignite, Asim Shahryar Husain, and Vice-Chancellor, University of Sindh Jamshoro Hyderabad, Dr. Muhammad Siddique Kalhoro. The ceremony was attended by MQM Member National Assembly, Engineer Sabir Hussain Qaimkhani, Federal Secretary for IT & Telecom, Dr. Muhammad Sohail Rajput, officials from IT Ministry, Ignite, University of Sindh, academia, business communities, and other personalities from the IT industry.
Speaking on the occasion Syed Amin Ul Haque said:
The Ministry of IT & Telecom through its organization, Ignite-National Technology Fund, has already established five NICs, one each at Islamabad, Karachi, Quetta, Lahore and Peshawar while the 6th NIC is being established in Faisalabad which will focus the Agri-Tech. In accordance with the government’s vision for digital Pakistan and provision of an enabling environment for potential entrepreneurs, more NICs are being established in 2nd tier cities and incubators in Health-Tech, Gaming & Animation and Electronics. Therefore, to move forward, an National Incubation Center is being established at Hyderabad to improve the effectiveness of variety of industries including agriculture, livestock, ornamental industrial products, textile, sugar, cement etc. located at Hyderabad and its adjacent areas.
“Establishment of National Incubation Center at Hyderabad (13000 sq feet area) has become a dire need for the youth of Hyderabad and its surrounding rural and urban areas to transform traditional business approach into an innovative tech-oriented form,” Haque said.
Syed Amin Ul Haque said that as per The World Economic Forum’s global crises report 2021, the world could face many risks and threats pertaining to price instability, debt crises, commodity shocks, digital power concentration, and digital inequality. The good news is that Pakistan achieved decent economic growth in 2021 despite those risks. This is due to the effective implementation of government policies and the vision of the present government for a prosperous Pakistan.
“During the outgoing year, an increase was observed not only in the yield of major crops but also in IT & ITeS exports. The IT sector of Pakistan is contributing almost 1% of the GDP or almost around $3.5 billion,” he added.
Syed Amin Ul Haque further stated that the Federal Ministry of IT & Telecom has been providing an enabling environment for all stakeholders of the startup ecosystem to promote startup culture and attract foreign investments. Moreover, the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan have also relaxed rules for attracting investment in technology-based business solutions.
“As a result of these steps, investments in Pakistani startups have been at skyrocketing during 2021 and almost $373 million have been raised by Pakistani startups, which is almost 5 times higher than last year’s investment of $75 million.
Minister IT congratulated Secretary IT & Telecom and CEO Ignite on signing the agreement with the University of Sindh for the provision of space at Elsa Kazi Campus for the establishment of the National Incubation Center, Hyderabad. He also congratulated the Vice-Chancellor University of Sindh in entering an agreement with Ignite for the establishment of NIC-Hyderabad.
In his address, the Federal Secretary for IT & Telecom, Dr. Muhammad Sohail Rajput, congratulated Ignite and the University of Sindh Hyderabad on signing the agreement and hoped that this partnership will be the beginning of a successful journey for the startups of Hyderabad. He said that there is enormous potential in our youth and we are leveraging an enabling environment so that they can contribute to the national economy.
VC, Dr. Muhammad Siddique stated that the establishment of NIC is highly a praiseworthy step of the government. In this regard, he thanked the Federal Minister for IT & Telecom, Syed Amin Ul Haque, and his team for their kind efforts. “I believe that the collaboration between Sindh University and Ministry IT is timely and relevant,” VC added.
Earlier in his welcome address, CEO Ignite stated that Hyderabad has always maintained its identity in all walks of life despite being the closest district near Karachi and is the agricultural hub of Sindh. . Hence the city will maintain the same identity while having its own National Incubation Center. To further enhance the Prime Minister’s vision of a Digital Pakistan, NIC Hyderabad will be providing state of the art workplace besides offering world-class mentorship and coaching, networking opportunities, access to customers and investors to startups.