Startup ecosystem: Ways & means for enhancing foreign investment discussed

Adviser to the Prime Minister on Finance Dr Abdul Hafeez Shaikh chaired a meeting here at Finance Division to discuss ways and means for enhancing foreign investment in Pakistani startup ecosystem.

The meeting was attended among others by Tania Aidrus, Chief Digital Pakistan, Dr Reza Baqir, Governor State Bank of Pakistan (SBP), Secretary Finance Naveed Kamran Baloch, and investors from Thrive Capital, a New York-based venture capital firm with more than US $2 billion investment in assets under management.

During the meeting, representatives from the Thrive Capital also expressed a desire to invest in the Pakistani startup ecosystem with a view to putting local startups on the map.

An official said that this was initial meeting and another meeting would take place today (Thursday) where probably how the investment would be made by the company would be finalized as the company is in search of good ideas and projects in the IT sector. This would be a great help for those working in IT and do not have resources to finance their projects, the official added.

The company would be financing information technology projects of the individuals and role of the Finance Ministry and SBP would be to act as facilitator to bring in investment and remove hurdles, if any.