Investment of $40 million by diaspora is announced
At the USAID’s “Invest in Pakistan” conference on Saturday, the US announced the mobilisation of more than $40 million in new US-Pakistani diaspora investments.
The total amount of pledges from the diaspora now stands at approximately $200 million after four diaspora partners signed four new memoranda of understanding (MoUs) with USAID worth a combined $44 million.
The new investment commitments came from Servinz Limited, which promised $5 million for rebuilding livelihoods in flood-affected areas, Pakfoods LLC Group and NUST, who pledged $9 million for technology, Jaxeri Investment Corporation, who promised $25 million for local electric vehicle manufacturing, and Global Semiconductors Group, who would give $5 million for teaching young people about semiconductor and chip design technology. Donald Blome, the US ambassador to Pakistan, addressed the audience and emphasised the contributions of the diaspora.
“I would like to congratulate our four partners from the diaspora on signing these MoUs. You are assisting in Pakistan’s investment potential being realised. The envoy expressed excitement about what these alliances would mean for the economy and people of Pakistan.
He stressed that the three conference themes—AI, electric vehicles, and semiconductor technology investment—were crucial for Pakistan’s economic development.