Minister urges US-based diaspora to help unlock Pakistan's investment potential

ISLAMABAD: Caretaker Minister for IT and Telecommunications Dr Umar Saif on Thursday called on the Pakistani diaspora based in the US to help Pakistan unlock its investment potential and extended all his support for the "Investment in Pakistan" conference scheduled for this year.

He made the appeal during a meeting with a high-level USAID delegation. The delegation comprised Senior Adviser to the Mission in the Private Sector, Diaspora Engagement & Digital Technology Kanwal Bokharey and ECON Counselor John Letvin they led by Mission Director Kate Somvongsiri.

During the meeting, bilateral issues related to the investment of American companies in Pakistan were discussed.

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

The caretaker minister further said that the signing of a memorandum of understanding (MoU) for the investment of $40 million at the investment conference last Saturday organised by USAID and Silicon Valley was a big milestone.

“Pakistan's information and communication sector is paving the way for global investment,” said Dr Saif adding that priorities of the caretaker government include maximising investment opportunities and providing all related incentives and facilities to global companies.

Somvongsiri said: "There is no doubt that Pakistan is a big and attractive market for investors in the IT and Telecom sector, we are trying our best to increase the collaboration between American Investors and Pakistani Companies.”

During the meeting, she also extended a special invitation to Dr Saif to attend the investment conference that will be held in the US in the first week of November.