Prime Minister Imran Khan announced the establishment of the Pakistan Technology Startup Fund while chairing a meeting on Tuesday. This fund would grant 50 startups annually with a combined seed funding of PKR 1 billion.
“The information technology sector and technology savvy youth are the biggest asset of the country that can be utilised to bridge the huge current account deficit. “
~ Prime Minister Imran Khan
The government aims to incentivise investment in the IT sector for economic growth. To take the mission forward, no tax policy or registered freelancers and 100 per cent forex retention for IT/ITeS companies and freelancers registered with the Pakistan Software Export Bureau (PSEB), was announced earlier this week.
Prime Minister assured facilitation by the government to the IT sector and startup ecosystem. He ensured to make necessary changes in the foreign exchange and income tax policies in order to help IT Startups.
He further added that the Capital Development Authority (CDA) in the country’s federal capital will be declared as Special Technology Zones so that IT firms and freelancers can avail the benefits offered by the Special Technology Zones Authority (STZA).