Pakistan’s startups need strategic support for growth

The launch of initiatives like Pakistan Startup Fund (PSF) aim to attract investment and nurture entrepreneurship in the country’s fintech and e-commerce sectors to accelerate economic growth.
With government support and global interest, the nation’s fintech and e-commerce sectors promise sustained growth and global competitiveness.

Asfandyar Khan, Director General of Information Technology, Ministry of Information Technology and Telecommunication, told WealthPK that over the past few years, Pakistan’s economy had faced numerous challenges on multiple fronts, ranging from escalating inflation and the impacts of the Covid-19 pandemic to inflated energy costs and disruptions in the supply chain. “Amidst the prevailing economic uncertainty, the startup landscape emerges as both a beacon of hope and a sector in need of strategic support.”

He said that the pioneering PSF initiative was meant to catalyse venture investments within the country and position Pakistani startups as significant global players. “The government has announced an annual allocation of up to Rs2 billion for the PSF,” he added.