Govt takes steps to provide opportunities to startups, businesses: Shibli

ISLAMABAD, Dec 16 (APP):Federal Minister for Science and Technology, Senator Syed Shibli Faraz Thursday said the present government was taking concrete steps to provide opportunities to startups and businesses.

The minister was addressing at the Venture Capital Start-up Conference 2021 arranged by National University of Science and Technology (NUST).

The purpose of the conference was to develop a policy framework for venture capital companies.

While addressing the conference, Senator Shibli Faraz said, “Start-up culture in Pakistan is a recent phenomenon and the main hurdle for entrepreneurs is that of financing”.

“We need to identify those sectors for investment by venture capital companies which can lead to technological development and growth”, he said.

The federal minister stated that a policy and framework for venture capital companies has been included as part of the Performance Agreement FY 2021-22 and 2022-23.

Moreover, this task is also part of the mandate and responsibility of the Ministry of Science and Technology as per the Rules of Business 1973 as, “Initiate promotional measures for Establishment of venture capital companies for Technological Development and Growth”.

He appreciated the unparalleled efforts of NUST in promoting a culture of research and innovation in the country and extending it to a global level.

The conference was attended by the officials of The Securities and Exchanges Commission of Pakistan, The State Bank, Venture Capital Companies, Start-ups, The Intellectual Property Organization, Ministries of Commerce, Industries, Finance, Federal Board of Revenue, Incubation Centers and Higher Education Commission.

Rector National University of Science and Technology (NUST) Lt General (Rtd) Javed Mehmood Bukhari, Secretary MoST Dr Akhtar Nazir and keynote speaker Faisal Aftab and MD Zayn Capital also addressed the conference.