ISLAMABAD, July 30: Prime Minister Shaukat Aziz has urged Pakistani investors to establish a venture capital fund for local information technology industry to promote an innovative and knowledge-based economy in the country.

He stated this while reviewing the establishment of the venture capital fund here on Monday. He said the establishment of the fund will lead to creation of jobs, growth of the IT sector, training and awareness among stakeholders.

An official announcement said the meeting was informed that Pakistan’s export of information technology has exceeded $2.2 billion mark during the fiscal year 2006-07 as against $1 billion export proceeds last year, showing an increase of over 50 per cent.

Mr Aziz said the fund should be managed by professional managers and the government would play the role of an enabler and facilitator for the creation of innovation by the private sector.

He said Pakistani IT institutions and universities are producing world class IT experts and there is need to capitalise this potential. He said the large pool of IT professionals with the capacity to provide the IT solutions should encourage both the local and foreign companies to benefit from this resource.

The managing director of Pakistan Software Export Board said that the IT industry of Pakistan not only exceeded $2.2 billion, but there are over 1000 world class leading IT companies.

Chairman E-Planet Ventures Asad Jamal said his company is planning to start its operation in Pakistan during the current year. E-Planet he mentioned is pioneer in global venture capital and is considered as a model since 1999.