Prime Minister Shaukat Aziz on Monday urged Pakistani investors to establish a venture capital fund for the Pakistan IT industry to promote an innovative and knowledge based economy in the country. Presiding over a high level meeting on the establishment of the fund at the PM''''s House.
The Prime Minister said the establishment of the fund would lead to creation of jobs, growth of IT sector and training and awareness among the stakeholders. He said the fund should be managed by professional managers and the government would play the role of an enabler and facilitator for the creation of innovation by the private sector.
He said that Pakistani IT institutions and universities were producing world class IT experts and there was a need to capitalise this potential. He said the large pool of IT professionals with the capacity to provide IT solutions should encourage both the local and foreign companies to benefit from this resource.
Earlier, Managing Director, Pakistan Software Export Board, Yousaf Hussain informed the meeting that the IT industry of Pakistan exceeded $2.2 billion during the financial year 2005-06 with over 1000 world class leading IT companies.
He said currently Pakistan had 50 percent annual export growth and the country was growing as an offshore outsourcing center in South Asia. Asad Jamal, Chairman, E-Planet Ventures said his company was planning to start its operation in Pakistan during the current year.
E-Planet is the pioneer in global venture capital and is considered as a model since 1999, he added. Umair Khan of the Entrepreneurs Fund-III (TEFs) also made a presentation on IT sector in Pakistan and said there was a huge scope in this field and Pakistan could capitalise the opportunity to cater for the requirements of the whole region especially GCC countries.
Adviser to the Prime Minister on Finance, Dr Salman Shah, Minister of State for IT and Telecommunication Ishaq Khan Khakwani, bankers, businessmen and senior officials attended the meeting.