ISLAMABAD: The United States announced the mobilisation of more than $40 million in new US-Pakistani diaspora investment at the USAID ‘Invest in Pakistan’ conference in Islamabad on Saturday.

Four diaspora partners concluded four new Memoranda of Understanding (MoUs) with the United States Agency for International Development (USAID), valued at $44m, increasing the total diaspora commitments to nearly $200m.

The new investment commitments include SERVINZ Limited contributing $5m for restoring livelihoods in flood-affected areas; Pakfoods LLC Group and NUST committing $9m for technology; Jaxeri Investment Corporation pledging $25m for local electric vehicle manufacturing; and Global Semiconductors Group allocating $5m for training youth in semiconductor and chip design technology.

Speaking at the closing ceremony, US Ambassador Donald Blome highlighted the valuable contributions of the US-Pakistani diaspora.

The conference was one in a series of diaspora-centered conferences. In the past ten months, US Mission Pakistan supported the mobilisation of nearly $200m in US-Pakistani diaspora-led investments and contributions.

Published in Dawn, September 10th, 2023