Monday July 22, 2024

Minister says US-based firm to invest in KP’s startups

By Muhammad Farooq
October 25, 2023
Provincial caretaker Minister for Science and Technology Dr Najeebullah. — APP/File
Provincial caretaker Minister for Science and Technology Dr Najeebullah. — APP/File 

SWABI: Provincial caretaker Minister for Science and Technology Dr Najeebullah said that a US-based firm Tri Ri Asset Management (TRAM) would make investment for the development and growth of startups in Khyber Pakhtunkhwa.

He was speaking as chief guest at a ceremony in the Ghulam Ishaq Khan Institute of Engineering Sciences and Technology. The event was held by the Directorate General of Science and Technology (DoST) Science and Technology Award Ceremony under the Undergraduate Research Support, Master Studentship and Networking of Hi-Tech Equipment Programme. Asad Ali, chief investment officer of TRAM and Dozy Mmobuosi Tingo Group Inc attended the gathering. The vice-chancellors/rectors of the universities in Khyber Pakhtunkhwa and various other dignitaries invited by the DoST attended the event.

President of GIK Institute parent body, Society for the Promotion of Engineering Sciences and Technology in Pakistan (SOPREST), Engr Salim Saifullah Khan and Executive Director Shakil Durrani, Pro-Rectors, deans, heads of departments, directors and faculty members also attended the ceremony.

A tripartite memorandum of understanding (MoU) among GIK Institute, DoST and KP Information Technology Board for establishing a Venture Capital Fund for the Development and Growth of Startup Industries in the Khyber Pakhtunkhwa was also inked. It was the first gathering of the TRAM to strengthen startup industries in KP. The GIK Institute and TRAM and Tango and DoST inked separate MoUs.

The minister said that this was the first venture capital launched in KP, adding that technological and financial interventions were important to achieve the objectives. He explained the venture capital project, which was aimed at promoting the talent and entrepreneurs that would be used to strengthen the country’s economy.

He shed light on the role of startups in the present rapidly changing technological world to achieve progress. In a presentation on Innovation Ecosystem for Pakistan, he highlighted how the change could be brought to stabilize the economy. He said that the government had planned to establish the National Centre for New Manufacturing in the University of Peshawar and Rs4 billion had been approved for this project.