Efforts on to raise Pak-US diaspora investment to USD1bn: minister

Caretaker Minister for IT and Telecommunications Dr Umar Saif has urged the Pak-US diaspora to come and unlock Pakistan’s investment potential, and extended all his support for ‘Investment in Pakistan’ conference to be held in the United States in November this year.

According to a press release, the minister made these comments during a meeting with a high-level delegation of the USAID Mission in which bilateral issues related to investment of American companies in Pakistan came under discussion.

Dr Umar Saif told the USAID Mission that a venture capital fund was being set up for global investors with government assistance which fund would ensure at least $1 billion investment for startups.

The minister further said that on the way of Pak-US trade relations, signing of memoranda of understanding (MoUs) for the investment of $40 million at investment conference on last Saturday organised by USAID and Silicon Valley was a big milestone.

He said Pakistan’s information and communication sector was paving the way for global investment, adding that the priorities of the caretaker government included maximising investment opportunities and providing all related incentives and facilities to global companies.

USAID Mission Director Kate Somvongsiri said, “There is no doubt that Pakistan is a big and attractive market for investors in IT and Telecom sector; we are trying our best to increase the collaboration between American investors and Pakistani companies.”

She extended a special invitation to caretaker IT Minister Dr Umar Saif to attend the investment conference to be held in the US in first week of November this year.

It is worth mentioning here that the 2nd part of ‘Invest in Pakistan’ conference in collaboration with USAID and Organization of Pakistani-American Entrepreneurs North America (Silicon Valley) aimed to catalyse investment between US-Pakistani diaspora and Pakistani companies.

Senior Advisor to the Mission in the Private Sector, Diaspora Engagement & Digital Technology Kanwal Bokharey and ECON Counselor John Letvin, were part of the delegation led by Mission Director Kate Somvongsiri.

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