Peshawar, The Ghulam Ishaq Khan Institute of Engineering Sciences and Technology (GIK Institute) has joined hands with the Directorate General of Science and Technology (DoST) and the KP Information Technology Board (KPITB) to set up a $100 million Venture Capital Fund. This initiative aims to spur the growth and development of startup industries within the Khyber Pakhtunkhwa (KP) region.
According to a news release by the Ghulam Ishaq Khan Institute of Engineering Sciences and Technology, the announcement was made during a conference that gathered Vice Chancellors of the Universities of Khyber Pakhtunkhwa. The conference took place at the GIK Institute and was presided over by Dr. Najeeb Ullah, provincial caretaker Minister for Science and Technology and Information Technology, Sports, and Youth Affairs. It culminated in an award ceremony that recognized the efforts of provincial universities for their technological innovations.
At the heart of the event was the signing of two agreements. The first between the GIK Institute, DoST, and the US-based Venture Capital firm, Tri Ri Asset Management (TRAM). The second was a tripartite memorandum of understanding (MoU) among the GIK Institute, DoST, and KPITB. This MoU marked the formal establishment of the Venture Capital Fund designed to strengthen KP’s startup industries by investing in the Venture Capital Company.
Minister Dr. Najeeb Ullah highlighted the groundbreaking nature of this venture, noting that this was the first such Venture Capital initiative in KP. He emphasized the significance of startups in today’s technologically advancing world and how they are pivotal for progress and prosperity. Additionally, he revealed plans for the KP government to set up a 4 Billion National Centre for New Manufacturing at Peshawar University.
Engr. Salim Saifullah Khan, President of GIK Institute’s parent body, Society for the Promotion of Engineering Sciences and Technology in Pakistan (SOPREST), appreciated Dr. Najeeb Ullah’s initiative. He stressed the importance of this $100 million investment, which will provide crucial funding to tech-based startups that lack access to conventional capital sources.
Other notable attendees and speakers, such as Justice (r) Irshad Hussain Shah, provincial minister for Law Minorities and Human Affairs, and Prof Dr Shahid Mahmood Baig, chairman Pakistan Science Foundation, expressed their support and offered insights on the role of universities and emerging technologies.
Concluding the event, Prof Dr Fazal Ahmad Khalid, Rector of GIK Institute, spoke about the strong employment potential of emerging technologies and the significance of startups for growth and development. He asserted GIK Institute’s readiness to collaborate with KP universities in these endeavors.