Pakistan has great opportunity to tap the true potential of Venture Capital for job creation and acceleration of economic growth on sustainable grounds. “Pakistan is having potential as well as talent to promote venture capital to strengthen its economy,” Faysal Sohail, Managing Director of CMEA Capital in San Francisco USA told APP in an interview.
The American experts was accompanied by Matthew Boland, Deputy Press Officer-Deputy Spokesman of US Embassy in Islamabad and Ambassador Shahid Kamal and Advisor Science, Technology and Innovation Organization (STIO).
It is pertinent to mention here that Faysal Sohail is currently visiting Pakistan to explore venture capital potential in various fields of economy with special focus on energy sector.
He was of the view that although venture capital was a new idea for Pakistan but it has the potential to boost the country’s economy by utilizing the vast talent of its young generation.
He said that complying with Islamic ideology, Venture Capital is risk-based capital for entrepreneurship with prospects of good returns on investments.
Faysal Sohail said the venture capital sector was investment-friendly as risk was shared by both investor and owner of the project. It provides an opportunity of sharing capital and skills through a mutual venture, he added. Replying to a question, Faysal said in Pakistan the energy sectors, including solar and other alternative energies, web, software and commerce, including e-commerce, and third generation mobile technologies were the major sectors which could boost national economy and create job opportunities.
He said during the last 20 years, 100 per cent new jobs created in the United States were through venture capital, so this sector had great potential for Pakistan also.
“Venture capital is like life-blood for various companies”, he remarked.
Replying to another question, he said Pakistan and the United States have a lot of potential for collaboration in the field of venture capital and in this regard Pak-US Business Council and United States Agency for International Development (USAID) could play an important role.
The venture capital expert stressed the need for highlighting the new idea of venture capital in Pakistan so that people as well as the entrepreneurs take optimum benefit of the important sector.
“Since the economic growth is driven by small and medium size enterprises, the venture capital can play an important role to boost the economy on sustainable grounds,” he added.
Pakistan urged to tap potential of venture capital for sustainable growth
