LAHORE, Dec 18: Governor Khalid Maqbool has said that growth in entrepreneurship was a real challenge despite the availability of quality education and skill development facilities in the country.

Speaking at the Entrepreneurial Summit, Pakistan, organised by the Lahore Chapter of The Indus Entrepreneurs (TIE) here on Tuesday, he said that there was only 3 per cent entrepreneurship in Pakistan against 15 per cent in India because the universities were providing only quality education to students without entrepreneurship guidance despite receiving government funding to the tune of billions of rupees. The teachers should teach the students on how to start business for the promotion of entrepreneurship, Maqbool urged.

He said that massive foreign investment made in the country during the past eight years due to business-friendly policies of the present government had provided a solid base for sustainable economic growth. The standard of living of the people had improved because there was development in every sector. Business community had benefited from the policy of deregulation and development of new industrial estates and export zones.

He said that opportunities for investment still existed in telecom, power, financial, construction, food processing and services sector despite tremendous development. The government was implementing a comprehensive programme for training and skill development of less educated youth through the Technical Education and Vocational Training Authority, National Vocational Training and Education Council, and Punjab Vocational Training Council.

TIE Lahore Chapter President Dr. Khalid Javed Chaudhry said that entrepreneurship had the potential to change the future of the country but had not developed in the past due to absence of proper guidance. TIE members were travelling around the world and throughout Pakistan at their own expenses to offer free entrepreneurship guidance. Non-availability of venture capital required to finance the projects, however, continued to impede the growth of entrepreneurship, Dr Khalid added.

He said that the TIE would establish an institution to provide venture capital. The government should also encourage setting up venture capital firms at home and attract firms from abroad to provide the missing link for the promotion of entrepreneurship.

Lahore University of Management Sciences Pro-Chancellor Syed Babar Ali said that TIE would help the people with ideas set up enterprises. He said that talent available in Pakistan was second to no other country but those interested in entrepreneurship experienced difficulties in arranging finance.

Hi-Tech Venture Capital Fund USA Managing General Partner Dr. Akram Chaudhry said that hi-tech companies should be set up by highly qualified professionals only.

Honda-Atlas Pakistan CEO Saqib Shirazi said that availability of $50 to 100 million venture capital in Pakistan was in the offing.

En Pointe Technologies CEO Bob Din said that entrepreneurs should think outside the box and develop the capacity to disturb the market in their favour.