KARACHI – The development of Pakistan’s IT sector could be a transformative factor for economic growth, Finance Minister Muhammad Aurangzeb said Monday via video link at the opening session of Pakistan Start-up Summit 2024, organized by the Securities and Exchange Commission of Pakistan (SECP) in Karachi. The two-day summit marked a pivotal moment for the country’s start-up landscape, bringing together key policymakers, founders, international experts, and stakeholders to discuss fostering a vibrant, resilient entrepreneurial ecosystem in Pakistan.
Minister Aurangzeb underscored the government’s commitment to innovation as a cornerstone for economic progress, lauding SECP’s proactive regulatory initiatives, including the Regulatory Sandbox and streamlined incorporation processes, which aim to support fintech, digital finance, and high-impact sectors crucial to economic growth.
SECP’s Vision: Building a Thriving Start-Up Ecosystem
In his keynote, SECP Chairman highlighted the unique crossroads faced by Pakistan’s start-up ecosystem, citing both unprecedented opportunities and existing challenges. “At SECP, our goal is not only to adapt to change but to lead it,” he said. “We’re committed to creating systems that empower our innovators, ensuring a stable yet dynamic environment for growth.” Key SECP initiatives such as the Regulatory Sandbox and the LEAP platform are central to transforming Pakistan into a regional innovation hub, particularly within fintech and embedded finance sectors.
The summit’s opening address was delivered by SECP Commissioner Mujtaba Ahmad Lodhi, who stressed the importance of collaboration in building an inclusive entrepreneurial ecosystem. Lodhi reiterated SECP’s dedication to establishing a strategic platform for discussing and addressing the foundational needs of Pakistan’s innovators.
International Support and Key Panel Discussions
Adding to the summit’s international scope, the UK’s Deputy High Commissioner, Sara Mooney, joined on the first day, underscoring global interest in Pakistan’s emerging start-up scene.
The first day featured six critical panel discussions focusing on various aspects necessary for building a resilient and inclusive start-up ecosystem. Key sessions included:
- Founders’ Perspectives on Building Start-Ups in Pakistan: Leading founders shared their entrepreneurial journeys, emphasizing the importance of innovation, market insights, and ecosystem support for success.
- Strategies for Building a Resilient Start-Up Ecosystem: Panelists discussed essential pillars—such as capital access, digital innovation, and regulatory reform—that are vital for sustainable growth in the start-up ecosystem.
- Empowering Female Entrepreneurs: This session tackled unique challenges faced by women entrepreneurs and highlighted the role of public and private sectors in supporting women-led start-ups to foster inclusivity.
- Creating a Conducive Ecosystem for Start-Ups: Policymakers, regulatory bodies, and funding agencies explored collaborative strategies to bridge regulatory and funding gaps to support start-up growth.
- Navigating Pakistan’s Start-Up Ecosystem: Participants examined barriers related to capital, talent, and market access, with an emphasis on how stakeholders can create a supportive entrepreneurial environment.
- Unlocking Start-Up Growth through Capital Markets: Experts discussed how Pakistan’s capital markets can facilitate funding for start-ups and what regulatory reforms are needed to attract more investment.
The summit’s first day concluded with remarks from Syed Asad Ali Shah, Chairman of Befiler, who applauded SECP’s dedication to advancing Pakistan’s start-up ecosystem and noted the importance of ongoing collaboration in building a sustainable, globally competitive entrepreneurial landscape.
A Milestone for Innovation and Economic Growth
The SECP’s Pakistan Start-up Summit 2024 has set the stage for a dynamic future for entrepreneurship in Pakistan, laying a solid foundation for collaboration among stakeholders. Positioned as a milestone event, the summit aims to foster a supportive environment for start-ups, positioning Pakistan as a competitive player in the global start-up ecosystem and paving the way for substantial contributions to economic growth.
