PM Shehbaz launches Freelancers & Venture Capital Initiative

Islamabad: Prime Minister Shehbaz Sharif launched the Freelancer and Venture Capital Initiative, and National Innovation Award Investor Connect on Tuesday.

Speaking at the PM's Freelancer and Venture Capital Initiative and National Innovation Award Investor Connect launch event, it was stated that the network of incubation centers needed to be established around the nation by allocating the most funds possible while bearing in mind the future of the nation.

The prime minister claimed that, given the skill and significance of IT, the government's allocation of Rs 2 billion for venture capital was nothing more than "peanuts," notwithstanding its financial limitations.

Shehbaz was "amazed when he explored the booths and learned about the cutting-edge initiatives created by the young people, such as the use of drones for agriculture, IT-driven medical systems, and the creation of various items using banana peels.

PM claimed that in order to fully realize the youth's enormous potential in information technology, which could also ensure the county's economy, maximum financial and professional support was necessary.

“I really salute all of you,” the prime minister remarked and particularly lauded Sahar Munir, a girl from Naushki for her vision and ideas to promote the IT sector.

He recalled that, while he was the chief minister of Punjab, in 2009, a center of this kind was established at Arfa Karim Tower and said that it should have been extended over the entire nation around ten years earlier.

“This is the untapped talent across Pakistan which we have to own. This is our responsibility to arrange trainings and provide maximum funding,” he said and called for holding similar innovation award ceremonies in other parts of the country.

He claimed that in order to empower young people and encourage their research and development, the financing for the IT endowment fund should be boosted by billions per year.

Prime Minister Shehbaz, who earlier launched the initiatives and gave away awards among top 10 winners of the second round National Innovation Award, also instructed the formulation of a coordinated mechanism and a policy framework for the IT sector for onward cabinet approval so that the interim government could carry the projects forward without any impediment.

He said the whatsoever party forms the next government, they should facilitate the IT sector which, if supported for next five years, could bring in billions of dollars to the country.

In his address, Minister for IT and Telecommunications Syed Aminul Haq said his ministry was coordinating and cooperating to execute the prime minister’s vision of Digital Pakistan.

He said the ministry was facilitating around 20 incubation centres in various parts of the country. He told the gathering that the efforts were underway to enhance women participation in the IT start-ups as during last five years, out of 1387 start-ups, 37% were were women.

He said the IT ministry was endeavoring to increase connectivity as a prerequisite for the IT growth. He said during his ministerial term, the cellphone users grew from 160 million to 195 million and broadband users from 70 million to 122 million.

Special Assistant to PM on Youth Affairs Shaza Fatima Khawaja said that the ceremony marked the second round of National Innovation Award with 50 winners and connect them with the investors to capitalise their ideas.