Start-ups shown raising investments worth US $ 366 million: Razak Dawood

start-ups have shown stellar performance during 2021 by raising investments worth US $ 366 million

ISLAMABAD, (APP): Adviser to Prime Minister for Commerce and Investment, Abdul Razak Dawood on Thursday informed that start-ups have shown stellar performance during 2021 by raising investments worth US $ 366 million. “I accompanied a group of young start-ups for a meeting with the Prime Minister Imran Khan today, where they had a very fruitful interactive session with the Prime Minister”, the Adviser said this on his official twitter account. The Adviser said that issues relating to creation of an environment to accelerate their growth were discussed in the meeting.

“We will soon organize a meeting of another group of Start-ups in this regard” he said. The Ministry of Commerce conducts periodic analysis of degree of diversification by comparing exports during the current Financial Year (FY) with exports during preceding years, he informed. According to the analysis for July-December 2021, the MoC would like to share that in terms of Product diversification, Pakistan’s exports of “Non-Traditional Products” increased by 81 percent/$ 1.4 billion in our traditional markets and by 100 percent/$ 491 million in the non-traditional market as compared to same period in FY 2017-18.

The Adviser said that in terms of market diversification, the exports of traditional Products” increased by 4 percent / $ 79 million for the same comparison.

He said that of the total increase of $ 4.2 billion, the share of Product and market diversification in the increase accounted for 40 percent ($ 2 billion). This is a healthy development and our diversification policy is on track.

Razak Dawood said that Product and market diversification are the key pillars of MOC’s Strategic Trade Policy Framework (STPF).

“I urged our exporters to concentrate on product development and penetration of new markets in order to fetch better prices and overall increase in our exports.”