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US announces $44 million investment for Pakistan during USAID conference
- Web Desk
- Sep 09, 2023
ISLAMABAD: The United States announced the mobilisation of over $40 million in new US-Pakistani diaspora investments during the ‘Invest in Pakistan’ conference hosted by the United States Agency for International Development (USAID) in collaboration with OPEN silicon valley on Saturday.
During the conference, four diaspora partners inked four new Memoranda of Understanding (MoUs) with USAID, totaling $44 million. This has significantly boosted the total commitments from the diaspora to nearly $200 million.
The fresh investments encompass SERVINZ Limited, contributing $5 million to aid in restoring livelihoods in flood-affected regions; Pakfoods LLC Group and NUST jointly committing $9 million for technological advancements; Jaxeri Investment Corporation pledging an impressive $25 million for the local manufacturing of electric vehicles; and Global Semiconductors Group allocating $5 million to provide training in semiconductor and chip design technology for the youth.
During the closing ceremony, US Ambassador to Pakistan, Donald Blome, lauded the invaluable contributions of the U.S.-Pakistani diaspora. He congratulated the four diaspora partners for signing these MoUs and emphasised their role in unlocking Pakistan’s investment potential.
Ambassador Blome expressed anticipation for the positive impacts these partnerships will have on the Pakistani economy and its people. He also underlined the significance of the conference’s three key themes: artificial intelligence, electric vehicles, and semiconductor technology investments, which are pivotal for Pakistan’s economic growth and future prosperity.
The ‘Invest in Pakistan’ conference aimed to facilitate investment collaborations between U.S. investors and Pakistani companies. The event saw the participation of more than 300 attendees, including US Ambassador Donald Blome, USAID Mission Director Kate Somvongsiri, Umar Saif, Minister of IT, members of the US-Pakistani diaspora, and prominent Pakistani business leaders.
This conference is part of a series of diaspora-centred events, and over the past 10 months, U.S. Mission Pakistan has been instrumental in mobilising nearly $200 million in U.S.-Pakistani diaspora-led investments and contributions.