SWABI: Provincial caretaker minister for science and technology, sports and youth affairs Dr Najeebullah has said a US-based firm, Tri Ri Asset Management (Tram), would invest $100 million for development and growth of startup industry in Khyber Pakhtunkhwa.

He stated this while addressing a function held at Ghulam Ishaq Khan Institute of Engineering Sciences and Technology here on Tuesday.

Directorate General of Science and Technology organised the Science and Technology Award Ceremony under the Undergraduate Research Support, Master Studentship and Networking of Hi-Tech Equipment Programme.

Asad Ali, chief investment officer of Tram, was also in attendance. The event was also attended by vice-chancellors/rectors of universities in Khyber Pakhtunkhwa.

President of GIK Institute’s parent body, Society for Promotion of Engineering Sciences and Technology in Pakistan (Soprest), Eng Salim Saifullah Khan and executive director Shakil Durrani, pro-rectors, deans, heads of departments, directors and faculty members also attended the ceremony.

On this occasion, a tripartite Memorandum of Understanding among GIK Institute, Directorate General of Science and Technology and KP Information Technology Board was signed for establishing a venture capital fund for development and growth of startup industry in Khyber Pakhtunkhwa.

Dr Najeebullah said this was the first venture capital fund that had been launched in KP. He said technological and financial interventions along with people’s determination to work were critical in achieving the desired objectives. He said the venture capital project was meant to promote those, who had entrepreneurial ideas.

He underscored the highly critical role of startups in the present rapidly changing technological world to achieve the dream of true progress and prosperity. He said the government had approved Rs4 billion to establish National Centre for New Manufacturing in the University of Peshawar.

On the occasion, Justice retired Arshad Hussain Shah, provincial minister for religious affairs, minorities and law, said universities should play role in creating a conducive environment for investment, teaching advanced subjects and technical skills.

Prof Shahid Mahmood Baig, chairman Pakistan Science Foundation, said they were ready to play their due role in the new initiative.

Eng Salim Saifullah said there was dire need of academia-industry linkages to strengthen the economy. Prof Fazal Ahmad Khalid, GIK Institute Rector, said emerging technologies had strong prospects of employability.

Published in Dawn, October 25th, 2023