US Firm Commits $100 Million Investment for KP Startup Growth
In a significant development for Khyber Pakhtunkhwa (KP), a US-based company, Tri Ri Asset Management (TRAM), has pledged a substantial investment of $100 million to foster the growth of startups in the region. Provincial caretaker Minister for Science and Technology, Dr. Najeebullah, made this announcement at a ceremony hosted by the Ghulam Ishaq Khan Institute of Engineering Sciences and Technology.
This event, organized by the Directorate General of Science and Technology (DoST), marked an important milestone as it brought together key figures in the field. Asad Ali, the Chief Investment Officer of TRAM, and Dozy Mmobuosi Tingo Group Inc were among the distinguished guests.
The ceremony was attended by vice-chancellors, rectors of universities in KP, and various other dignitaries invited by the DoST. Additionally, key figures such as Engr Salim Saifullah Khan, the President of GIK Institute’s parent body, the Society for the Promotion of Engineering Sciences and Technology in Pakistan (SOPREST), and Executive Director Shakil Durrani, pro-rectors, deans, heads of departments, directors, and faculty members graced the occasion.
A tripartite memorandum of understanding (MoU) was signed among GIK Institute, DoST, and the KP Information Technology Board, with the aim of establishing a Venture Capital Fund for the Development and Growth of Startup Industries in Khyber Pakhtunkhwa. This marked a significant stride as the first venture capital initiative in KP.
Minister Dr. Najeebullah emphasized the critical role of technological and financial interventions in achieving their objectives. The venture capital project is designed to support and promote entrepreneurial talent, contributing to the strengthening of the country’s economy.
In a presentation on the “Innovation Ecosystem for Pakistan,” the minister shed light on how this change could stabilize the economy. He also revealed the government’s plan to establish the National Centre for New Manufacturing at the University of Peshawar, with an approved budget of Rs4 billion for the project.
This commitment from TRAM, along with the partnerships established through the MoUs, signifies a promising step toward the development and growth of startups in Khyber Pakhtunkhwa, with the potential to drive economic progress and prosperity in the region.
