Pakistan set to offer promising one-window opportunities for foreign investors: President

Shumaila Andleeb

DUBAI, Oct 9 (APP): President Dr Arif Alvi on Saturday said Pakistan was committed to offering promising business opportunities for foreign investors through one-window operations in sectors of innovation and technology.

In a meeting with heads of leading investment and technology firms here, the president said the one-window facility under Special Technology Zones Authority (STZA), on which legislation has been done, was aimed at encouraging and facilitating the foreign investors to expand their information technology footprint in Pakistan.

President Alvi said STZA had been set up by the federal government with a mandate to provide world-class digital and physical infrastructure across the country and putting Pakistan on the global technology radar.

He emphasized that jumping onto the technological bandwagon and investing in human capital development would ensure the country’s economic stability.

President Alvi invited the companies to invest in Pakistan’s diverse sectors particularly in e-business, adding that enhancing broadband penetration would help boost economic activities.

He said as a fundamental enabler of inclusive economic growth, the STZA was charged with delivering on key strategic goals of inclusive socio-economic development and economic opportunity, particularly for youth.

Those who called on the president included Mark Mobius, founder of Mobius Capital Partners; Anthony Cheung, founder of Dragon Tech Ventures Management Limited; Sheikh Ahmed Al Maktoum from Galaxy Racer (E-sports) and Khalid Elgibali, Division President of Mastercard for the Middle East & North Africa. Commerce Advisor Abdul Razak Dawood and Foreign Secretary Sohail Mahmood attended the meeting.

The business heads expressed keen interest to make investments in Pakistan in their respective domains and also briefed about their companies.

Chairman STZA Amer Hashmi emphasized the importance of creating opportunities for the Pakistani youth in the high-potential E-sports industry. He said it was high time that the government recognized, supported and facilitated their interests to encourage futuristic entrepreneurship opportunities.

The president later witnessed the signing of three Memoranda of Understanding (MoUs) between Pakistan’s Special Technology Zones Authority (STZA) with Mastercard, Galaxy racer (E-sports) and Shorooq Partners VC Funds.

According to MoU, the Galaxy Racer will host some of the biggest E-sports tournaments in Pakistan with titles such as Tekken, PUBGM and FIFA, offering a total winning prize of $100,000 USD in December.

The Mastercard signed the strategic digital country partnership with STZA in Pakistan to expand the nation’s digital economy and develop the advanced technology sector.

In collaboration with the STZA, Mastercard will develop Pakistan’s first cashless Special Technology Zones, which looks to develop deploy smart city solutions, support small and medium enterprises, boost artificial intelligence and cybersecurity capabilities and promote the use of agri-tech.

The Sharooq will contribute to the ecological venture through technological development in Pakistan.