The United States has made a significant announcement at the USAID ‘Invest in Pakistan’ conference in Islamabad, revealing the mobilization of over $40 million in new U.S.-Pakistani diaspora investments.
The event saw the signing of four Memoranda of Understanding (MoUs) between diaspora partners and the United States Agency for International Development (USAID), totaling a substantial $44 million. This development increases the overall commitments from the diaspora to nearly $200 million, marking a significant step forward in fostering economic collaboration.
Diverse Investment Commitments
The new investment commitments cover a range of sectors and initiatives:
- SERVINZ Limited has pledged $5 million towards the restoration of livelihoods in flood-affected areas.
- Pakfoods LLC Group & NUST have committed $9 million for technology-related investments.
- Jaxeri Investment Corporation is set to invest a substantial $25 million in the local manufacturing of electric vehicles, contributing to the burgeoning electric vehicle industry in Pakistan.
- Global Semiconductors Group has allocated $5 million to provide training in semiconductor and chip design technology for the youth.
Acknowledging Diaspora Contributions
U.S. Ambassador to Pakistan, Donald Blome, lauded the contributions of the U.S.-Pakistani diaspora during the conference’s closing ceremony.
Ambassador Blome congratulated the four diaspora partners, SERVINZ Limited, Pakfoods LLC Group, Jaxeri Investment Corporation, and Global Semiconductors Group, for their commitment to the partnership. “You are helping unlock Pakistan’s investment potential. I look forward to seeing the benefits these partnerships will bring to the Pakistani economy and the Pakistani people,” the Ambassador said.
He expressed hope for the positive impact these collaborations will have on the Pakistani economy and its people. Ambassador Blome also highlighted the significance of the conference’s three key themes: Artificial Intelligence, electric vehicles, and semiconductor technology investments, as pivotal elements for Pakistan’s economic growth and future prosperity.
Catalyzing Investment
The ‘Invest in Pakistan’ conference served as a platform to catalyze investment partnerships between U.S. investors and Pakistani companies. It attracted more than 300 participants, including U.S. Ambassador Donald Blome, USAID Mission Director Kate Somvongsiri, Umar Saif, Minister of IT, members of the U.S.-Pakistani diaspora, and prominent Pakistani business leaders.
This event is part of a series of diaspora-centered conferences, with the U.S. Mission Pakistan playing a key role in supporting the mobilization of nearly $200 million in U.S.-Pakistani diaspora-led investments and contributions over the past 10 months. These initiatives signify a robust commitment to strengthening economic ties between the United States and Pakistan, fostering growth and development in various sectors.