Ambassador of Pakistan to the United States Masood Khan has said tech entrepreneurship in Pakistan has taken off and the country is leapfrogging into a new era of tech industry.

Talking during a special session as a key note speaker at San Francisco, United States, he said youth graduating from universities in Pakistan are participating in digitized economy which is giving a new direction to the economy.

Masood Khan said the Government of Pakistan has created enabling environment for the growth of tech and IT sector keeping in view its immense potential.

He said that the country has set up a Special Investment Facilitation Council (SIFC) and IT sector was among its foremost priorities.

He said that the Council is aimed at fast- tracking approvals and registrations, overseeing implementation and catalyze much needed regulatory reforms including ensuring stable payment cycles, protection of intellectual property rights and addressing the issues related to repatriation of funds by foreign investors.

Highlighting the successes in tech and IT sector, he apprised the participants that from a meagre $10 million venture capital funding in 2018 per year, global VCs and other investors were pouring in $1 billion annually in Pakistan now.

He recounted various steps being taken by the Government to facilitate businesses that included moving toward investors’ friendly regulatory regime, E-Wallet facility introduced by State Bank of Pakistan, clear definition of a tech-startup by Securities and Exchange Commission and setting up of Special Technology Zones.

The Ambassador of Pakistan to the United States said the country is steering towards growth after numerous challenges like the pandemic and the devastating floods last year.

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He urged foreign investors to keep capitalizing in Pakistan and be a part of the Technology revolution.