Startups draw $750 million foreign investment: Palak

Startup Bangladesh will provide Tk 170 million to eight startups to scale up their products and services from a fund of Tk 1.0 billion allocated for 50 startups under its 'Shoborshe Shoto Asha' Programme.
Startup Bangladesh, a flagship venture capital fund of ICT Division, announced the names of eight startups at a ceremony at BCC auditorium in Dhaka on Wednesday, reports BSS.
These eight startups were selected for the second phase of investment assistance. With this investment, a total of Tk 340 million are being given to 15 startups so far.
The 'Shotobarshe Shoto Asha' programme was launched to mark the birth centenary of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and golden jubilee of independence of Bangladesh.
Addressing the function virtually, State Minister for ICT Zunaid Ahmed Palak said Bangladeshi startups received a foreign investment worth US$750 million in the last one decade.
"Bangladesh is expecting more local and foreign investment in the days to come as it has created a startup ecosystem conducive to investment," he said.
Palak said the government has been encouraging the young talents to come up with quality and sustainable startups to develop a culture of innovation and startups.
"It (the government) has undertaken various initiatives, including framing policies, formation of Startup Bangladesh venture capital fund and allocation of Tk 500 crore (Tk 5 billion), which will help startups flourish," he said, adding that with these initiatives, a startup ecosystem has developed in the country.
Palak said the young entrepreneurs and innovators are the pioneers in building 'Digital Bangladesh' and the government has made youth entrepreneurship agenda one of the top priorities in its policies.
Chaired by Managing Director of Startup Bangladesh Sami Ahmed, the function was addressed by Ambassador of Turkey Mustafa Osman Turan, Executive Director of Bangladesh Computer Council (BCC) Dr Abdul Mannan and Additional Secretary of ICT Division Khandoker Azizul Islam.
Mustafa Osman Turan said Bangladesh has created enabling environment to develop startup culture in its journey towards building a 'Digital Bangladesh'.
Sami Ahmed said the government's various efforts will enable the nation to innovate faster, create new jobs, develop technical skills, and realise the goals of Vision 2041.