Ambassador Blome: I am pleased to be with you today at the first in a series of Invest in Pakistan Conference events hosted by USAID. Today’s gathering underscores our shared commitment to mobilizing investments from the U.S.-Pakistani diaspora in innovative ways to help address Pakistan’s most pressing economic, technological, social, and humanitarian challenges.
Today, we celebrate the signing of four new memoranda of understanding valued at $44 million – increasing the total diaspora commitment to nearly $200 million. The United States is committed to working with the Pakistani diaspora to spur private sector-led growth. Between November 2022 and March 2023, for example, the U.S. Mission to Pakistan mobilized $153 million in diaspora-led technology, health, and education investments. These include:
Dallas-based TCCF started construction of low-cost houses and basic infrastructure in Balochistan;
The Pakistan Katalytic Technology Fund, based in Silicon Valley, shortlisted Pakistani technology businesses with proven growth for equity financing;
OPEN SV selected Pakistani startups for its flagship “Startup Connect” program at the OPEN Silicon Valley Shark Tank; and,
Datarox obtained a license from the Special Technology Zones Authority to set-up a data center in Pakistan.
The United States and Pakistan have a long history of pursuing economic growth to solve development and humanitarian challenges. Just as the Green Revolution improved the quality of life for Pakistanis in the 1960s, today, through the U.S.-Pakistan “Green Alliance” framework, we are building for the future. We’re making strategic investments in energy, water, and agriculture that strengthen climate resilience, drive forward energy transformation, and foster inclusive economic growth. And we want to see Pakistan succeed in an increasingly competitive market for U.S. trade and investment.
The three themes discussed at the conference today – artificial intelligence, electric vehicles, and semiconductor technology investments – are key to Pakistan’s economic growth and future prosperity.
I want to congratulate our four diaspora partners, SERVINZ Limited, Pakfoods LLC Group, Jaxeri Investment Corporation, and Global Semiconductors Group, on 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.
Before I close, I want to extend my gratitude to the members of the U.S.-Pakistani diaspora, many of whom traveled a great distance to be here today, as well as representatives of the Pakistani government, and business leaders. Together – and only together – can we make progress toward a more sustainable future for Pakistan.