Fund to empower Pakistani startups

Gobi Partners, a pan-Asian venture capital firm, announced on Thursday in Shanghai the launch of a $50 million fund aimed at strengthening China-Pakistan economic cooperation, fostering entrepreneurship and empowering Pakistani startups in high-potential sectors.

The announcement of the Techxila Fund II was made during an investment conference attended by Maryam Nawaz Sharif, chief minister of Pakistan's most populous Punjab Province.

"The launch of the fund ... reflects our commitment to fostering innovation and supporting entrepreneurs in Pakistan," said Thomas G Tsao, co-founder and chairman of Gobi Partners.

"The launch of this $50 million fund demonstrates a strong belief in the resilience and potential of Pakistan's entrepreneurial community and will help catalyze innovative startups, create jobs, and strengthen our digital and technological landscape," said Sharif.

Sharif said Pakistan and China share a strong bond and commitment to innovative and sustainable growth, and the nation is striving to deepen partnerships and promote high-quality development under the China-Pakistan Economic Corridor, or CPEC, 2.0, with a focus on sectors including the digital economy, renewable energy, cultural exchanges.

Deep trade ties

Sharif's trip to China this time, running from Dec 8-15, covers Beijing, Shanghai, Shenzhen and Guangzhou and focuses on collaboration in information technology, healthcare, environmental management, and climate change. The visit aims to foster deeper trade and investment ties while drawing insights from China's development path to inform future cooperation.

"China has offered novel and unique models for the world to study and ponder upon socialism with Chinese characteristics, as its political philosophy and centralization that sets strategic directions and economic decentralization that is implemented as a governance structure," said Sharif, noting that Pakistan has a strong desire to strengthen its all-weather strategic cooperation partnership with China.

Regarding her visit as setting the foundation for deepening collaboration, Sharif said that the delegation engaged with Chinese officials and also with some business executives from the most innovative companies in sectors such as agriculture, healthcare, education, finance, automobiles, machine learning, e-commerce, semiconductors and robotics. She hopes enterprises in Punjab can gain immensely by fostering partnerships with these leading Chinese companies.

The chief minister pointed out that the CPEC, launched in 2013, has had a great "transformative impact" on Pakistan's socioeconomic landscape. "With a particular focus on renewable energy as the top priority for us, we aim to build the CPEC 2.0 a 'green' corridor," she added.