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Karachi lands among top ten South Asia cities for startups

ONLINE

KARACHI: In terms of the startup environment in Pakistan, there is good news that the Sindh capital has improved its performance in South Asia by four times and even surpassed some Indian cities compared to last year.

This news has been released by the startup ecosystem rating website ‘Startup Blink’. According to the 2022 report released by the website, Karachi has broken India’s monopoly on the list of top 10 cities for providing a favorable environment for startups in South Asia.

Karachi has improved its ranking by four ranks among the cities of South Asia and joined the top ten favorable cities after the report released by the Startup Ecosystem, the other 9 cities are from India. According to the report, Karachi has surpassed Lahore along with other cities in Pakistan in terms of a startup-friendly environment.

According to a report released by Startup Blink, the economic hub of Pakistan, Karachi, has also taken away the title of the top city in terms of favourable environment for startups from Lahore in Pakistan.

Earlier, Lahore was the top city in Pakistan. Globally, the ranking of Karachi has decreased by five places and Karachi has been ranked 291 in the list of cities of the world, while the ranking of Lahore has decreased by 48 places and Lahore has reached 305th place. The federal capital was ranked third in the list of start-up-friendly cities in Pakistan and dropped one rank to 438th on the global list.

It should be noted that after this report, the ranking of Pakistan in terms of favorable environment for start-ups decreased by 2 places. Pakistan ranked 76th in terms of a startup-friendly environment. Pakistan ranked second among South Asian countries. Pakistan was ranked fourth among Central Asia Regional Economics Corporation countries.

According to the report, successful start-ups and digitization are of primary importance in the economic development of Pakistan. Digital entrepreneurship and investment in start-ups got a boost in Pakistan during the Corona outbreak. Startups were supported by improvements in broadband coverage and digital infrastructure and a new framework for digital payments. Tax incentives and exemptions were given to IT companies through special technology zones.

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