Pakistan’s position in the Global Startup Index improved 7 places to 75th place. Photo: File
Karachi: The year 2021 was a pivotal year for the development of new business ideas (startups) based on technology in Pakistan, with over 300 300 million invested in Pakistani startups during the year.
The United States, Singapore and the United Arab Emirates are leading investors in Pakistan’s technology sector. According to industry sources, the investment in start-ups and technology sector in 2021 is more than the one-year investment of the stock market and the total investment in technology in the last six years.
According to the Global Startup Ecosystem Index 2021, Pakistan’s position in the Global Startup Index improved 7 places to 75th position in 2021, while Pakistan Startup Ecosystem was ranked second in South Asia.
In Pakistan, after Lahore, Karachi, Islamabad, Rawalpindi and Faisalabad are also playing their part in strengthening the startup ecosystem. Lahore tops the list and is ranked 257th globally, Karachi 286th, Islamabad 437th, Rawalpindi 956th and Faisalabad 960th among the world’s cities.
According to the report, investment in startups increased by 97% in the year 2020. Among the key factors in the development of Pakistan’s ecosystem are the growing middle class with increasing economic growth rate and potential for growth, whose income is increasing.
Other factors include high-speed Internet availability across the country, improved IT infrastructure and English-speaking freelancers.