ISLAMABAD – Prime Minister Imran Khan on Tuesday announced the establishment of the Pakistan Technology Startup Fund to provide seed funding to around 50 startups each year.
A report of the state broadcaster said Pakistan Technology Startup Fund will provide Rs1 billion seed funding to around 50 startups on annual basis.
The premier made this announcement during a meeting in the country’s federal capital to follow up on his foreign visits and IT sector initiatives introduced by his government. Khan termed the information technology sector and technology savvy youth as the key asset of Pakistan that can be utilised to bridge the huge current account deficit.
Prime Minister Imran Khan approved historic package for Youth which includes tax relief for freelancers and startups, ease in inflow/outflow of foreign currency and establishment of Pakistan Technology Startup Fund that would result in significant increase in economic growth. pic.twitter.com/RON9W9Hkk5
— Usman Dar (@UdarOfficial) February 22, 2022
In this regard, the incumbent government announced a tax holiday and 100 percent forex retention for IT/ITeS companies and freelancers registered with the Pakistan Software Export Bureau (PSEB) to incentivize investment in the IT sector for an economic turnaround, per Radio Pakistan report.
PM also emphasized the significance of unleashing the IT industry by providing them ease of doing business and the best incentives globally available. He also announced a reform package for the growth of the IT sector.
Special Technology Zones (STZs) were also on cards in the federal and all provincial capitals to create hubs of technology innovation and investment in cities in the first phase.
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PM said sectors of the Capital Development Authority (CDA) in the country’s federal capital will be declared as STZs, so that IT firms and freelancers can avail the benefits offered by the Special Technology Zones Authority (STZA).
He also ordered to make necessary changes in the foreign exchange and income tax policies in order to help IT Startups.
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