Minister Fakir Mahbub Anam called on the private sector to invest more in startups alongside government financing, saying promising initiatives in Bangladesh should not be halted by lack of funds. He made the remarks on Sunday morning at the launch of the Fund of Funds, organized by Startup Bangladesh Limited at ICT Tower in Agargaon, Dhaka.

The minister said Bangladesh has no shortage of talented entrepreneurs and innovative ideas, and the government wants to create an investment-friendly environment. He said the Fund of Funds would be managed with priority on competence, good governance and professionalism. Startup Bangladesh has already invested about Tk111 crore in 36 technology-based startups.

Prime Minister’s adviser Rehan Asif Asad said venture capital and startups would play an important role in diversifying Bangladesh’s future economic growth. He said startups need mentorship, skills, market connections and technological support as well as financing. The proposed fund is intended to bring more private and international capital, help Bangladeshi startups enter international markets, and support investor protections and the repatriation of lawful profits and capital.