ISLAMABAD: Prime Minister Shehbaz Sharif launched the ‘Freelancers And Venture Capital Initiative’ and underscored the need for more investment in research and innovation areas.
Addressing the launching ceremony, the prime minister said that maximum financial and professional support to the youth is inevitable to tap their immense potential in information technology which could also guarantee the county’s prosperity.
The prime minister said the network of incubation centers needed to be spread across the country by carving out maximum funding keeping in view the country’s future.
He said considering the talent and importance of IT, Rs2 billion allocated for venture capital was just “peanuts”, though it was scraped by the government due to financial constraints.
The prime minister was briefed about the innovative projects prepared by the youngsters including drones for agriculture purposes, IT-led medical systems, and usage of banana peels for different products.
He said the network of incubation centres should have been spread countrywide some ten years ago. “This is the untapped talent across Pakistan which we have to own. This is our responsibility to arrange training and provide maximum funding,” he said.
He said the funding for the IT endowment fund should be increased by billions annually to capacitate the youngsters and support their research and development.
The prime minister also distributed awards among young freelancers for their exceptional performance. He also visited different stalls by young entrepreneurs and tech experts.
He also instructed the formulation of 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 next government should facilitate the IT sector which, if supported for next five years, could bring in billions of dollars to the country.
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 investors to capitalize on their ideas.
She said the government allocated Rs5 billion for the IT sector including Rs2 billion for venture capital and Rs 1 billion each for IT training and IT endowment fund. She added that Rs200 million have also been specified for the women-led business venture.
