In the past year, Pakistan’s startup ecosystem has attracted almost $350 million, Fareena Mazhar, Secretary of the Pakistan Board of Investment (BOI), revealed during a speech to the Pakistan Pavilion at Expo 2020 Dubai.
Of note: Fareena Mazhar mentioned that Pakistan has significantly improved its ranking in the “Ease of Doing Business” category by 70 positions among startups. Now, foreign investors can get a license in Pakistan in just four hours.
You should know: Board of Investment is working on ways of providing incentives to investors, said the secretary. Such as:
- Nationality for investors.
- Office in China to facilitate joint ventures.
- Tax exemptions for investment in the Special Economic Zones.
Zoom Out: Despite the Covid-19 pandemic, Pakistan’s economy managed to cope and did not suffer nearly as badly as other countries in the region. Start-ups have paved the way for global investment. The Pakistan Pavilion at expo 2020 Opportunity District will feature a series of seminars by the Board of Investment called “Invest Pakistan”.
Before you go: The figure stated above has only been reported for the purpose of this story. The actual figure is around $300 million.
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