US announces over $40m in new US-Pakistani diaspora investment

ISLAMABAD: The United States announced the mobilisation of more than $40 million in new US-Pakistani diaspora investment.

The announcement was made at the ‘Invest in Pakistan’ conference hosted by the US Agency for International Development in Islamabad.

Four diaspora partners concluded four new memoranda of understanding (MoUs) with USAID valuing at $44 million, increasing total diaspora commitments to nearly $200 million.

The new investment commitments came from Servinz Limited, which committed $5 million for restoring livelihoods in flood-affected areas; Pakfoods LLC Group and NUST, which committed $9 million for technology; Jaxeri Investment Corporation, which promised $25 million for local electric vehicle manufacturing; and Global Semiconductors Group, which would provide $5 million for training youth in semiconductor and chip design technology. Addressing the participants, US Ambassador to Pakistan Donald Blome highlighted the contributions of the US-Pakistani diaspora.

“I want to congratulate our four diaspora partners 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,” said the ambassador.

The three themes discussed at the conference, including AI, electric vehicles and semiconductor technology investment, were the key to Pakistan’s economic growth, he emphasised.