Zubair qureshi Islamabad
Ambassador of the United States, Donald Blome announced on Saturday that the US government had mobilized more than $40 million under the new US-Pakistan diaspora investment.
While addressing the USAID ‘Invest in Pakistan’ conference in Islamabad, the ambassador expressed his government’s long-term commitment towards the economic, social and infrastructure uplift of Pakistan.
On the occasion four diaspora partners signed four new Memorandums of Understanding (MoUs) with the United States Agency for International Development (USAID) with an overall value of around $44 million – increasing total diaspora commitments to nearly $200 million.
These new investment commitments include Servinz Limited ($5 million) for restoring livelihoods in flood-affected areas; Pakfoods LLC Group & NUST ($9 million) for technology; Jaxeri Investment Corporation ($25 million) for electric vehicle local manufacturing; and, Global Semiconductors Group ($5 million) for training youth in semiconductor and chip design technology.
Addressing the participants at the closing ceremony, the US ambassador highlighted the valuable contributions of the US-Pakistani diaspora.
“I want to congratulate our four diaspora partners, Servinz Limited, Pakfoods LLC Group, Jaxeri Investment Corporation, and Global Semiconductors Group, for signing these MOUs.
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 adding “The three themes discussed at the conference today – Artificial Intelligence, electric vehicles, and semiconductor technology investments – are key to Pakistan’s economic growth and future prosperity,” he added.
The ‘Invest in Pakistan’ conference aimed to catalyze investment between US investors and Pakistani companies.
More than 300 participants attended, including USAID Mission Director Kate Somvongsiri, IT & Telecom Minister Dr Umar Saif, GB Minister for Planning Raja Nasir Ali Khan, members of the US-Pakistani diaspora, and prominent Pakistani business leaders.