LAHORE: Punjab Information Technology Board (PITB) and Sweden-based Nutty Ventures AB have signed an MoU at Arfa Software Technology Park to collaborate to promote local startups.

According to MoU, PITB and Nutty Ventures AB will work together to increase exposure to Pakistani startups in Sweden, create tailored coaching opportunities for Pakistani startups, strengthen acceleration programs and build opportunities for international investors and venture capital funds for Pakistani startups.

The ceremony was chaired by Punjab’s Minister of Higher Education and Information Technology Raja Yassir Humayun Sarfraz and PITB President Azfar Manzoor. The Memorandum of Understanding was signed by PITB DG e-Governance Sajid Latif and Nutty Ventures AB’s strategic advisor Naim-ul-Abd on behalf of their respective organizations. Senior officials from both organizations including PITB Joint Director Hammad Bin and the head of Freelancing Wing Ahmad Islam Syan were present.

Speaking at the ceremony, Raja Yassir said, “The Punjab government sees technology as an engine of economic growth as ICT interventions open new borders every day, especially for freelancers and aspiring entrepreneurs. Our goal is to provide first-class coaching to startups so that they can compete internationally for visibility and the funding needed to accelerate growth. I value this partnership as it will provide exciting opportunities for our local startups and will further strengthen PITB’s existing entrepreneurship and freelance domain programs. “

PITB Chairman Azfar Manzoor said: “Pakistani startups have made their mark on the global arena, as evidenced by an increase of over 300 percent in funding raised by local startups in 2021.

In line with the Government’s vision, PITB’s entrepreneurship and freelance programs not only facilitate the young people in Punjab through incubation and skills development programs, but also help them create the much-needed connections with foreign investors.