Pakistan is expected to launch a Rs1 billion ($5.6 million) technology startup fund this month to support its startup ecosystem by providing seed funding to around 50 enterprises every year. Prime Minister Imran Khan last month announced establishing Pakistan Technology Startup Fund, allowing tax exemptions and 100 percent foreign exchange retention for IT companies and freelancers registered with Pakistan Software Export Board.
Pakistani officials calling for efficient management of funds said it would help uplift the country’s ecosystem. Experts said many other countries had funded startups with seed and brought private investors to uplift their ecosystems.
Source: Arab News PK