Government Allocates Rs2 Billion for Pakistan Startup Fund
By
March 20, 2024
Exciting news for Pakistan’s budding entrepreneurs! The federal government has set aside a hefty sum of Rs 2 billion for the Pakistan Startup Fund. This move aims to supercharge venture capital investment right here in our country.
According to a report by the state-run news agency APP, an official from the Ministry of Information Technology spilled the beans on this exciting initiative. The fund plans to offer financial backing to startups, covering a cool 30% of their needs. The remaining 70% will come from venture capitalists eager to invest in promising ventures.
This step is a big win for Pakistan’s economy. It’s expected to give a major boost to our economic growth by fostering innovation and entrepreneurship.
But that’s not all! The government is also pulling out all the stops to ramp up mobile phone production within Pakistan. They’ve introduced a tempting 3% Research and Development (R&D) incentive for local handset manufacturers. This move aims to make our locally produced phones more competitive globally, especially in terms of pricing.
In the grand scheme of things, the government plans to roll out a strategy for manufacturing phone components right here in Pakistan. This will not only make locally made phones more affordable but also reduce our reliance on imported ones. After all, Pakistan boasts a whopping 191 million cellular connections, making it the seventh-largest market globally! It’s high time we tap into this potential and kickstart a booming phone manufacturing industry right here at home.
