The United States recently announced the mobilisation of more than $40 million in new US-Pakistani diaspora investment. This exciting news was revealed at the ‘Invest in Pakistan’ conference held in Islamabad by the US Agency for International Development (USAID).
At the conference, four diaspora partners signed new memoranda of understanding (MoUs) with USAID, valuing at $44 million. This increases the total diaspora commitments to almost $200 million.
The investment commitments were made by Servinz Limited, Pakfoods LLC Group and NUST, Jaxeri Investment Corporation, and Global Semiconductors Group. Servinz Limited pledged $5 million to restore livelihoods in flood-affected areas. Pakfoods LLC Group and NUST committed $9 million for technology-related ventures. Jaxeri Investment Corporation promised $25 million for local electric vehicle manufacturing. Lastly, Global Semiconductors Group will provide $5 million for training youth in semiconductor and chip design technology.
Speaking at the conference, US Ambassador to Pakistan Donald Blome acknowledged the significant contributions of the US-Pakistani diaspora. He congratulated the four diaspora partners for signing the MoUs and highlighted how they are helping unlock Pakistan’s investment potential. He expressed his anticipation of the benefits these partnerships will bring to the Pakistani economy and its people. Ambassador Blome also emphasized the importance of the three themes discussed at the conference: artificial intelligence (AI), electric vehicles, and semiconductor technology investment, as key drivers of Pakistan’s economic growth.