Washington D.C., Pakistan’s Ambassador to the United States, Masood Khan, announced a set of sweeping economic reforms and the establishment of the Special Investment Facilitation Council (SIFC), designed to attract investments and facilitate business operations in Pakistan. These comments were made during a two-day conference focused on Pakistan’s resilience and reform, setting the stage for the country’s anticipated economic revitalization.
According to Embassy of the Islamic Republic of Pakistan, Ambassador Khan’s address at the conference, organized by the Atlantic Council in partnership with Johns Hopkins School of Advanced International Studies, highlighted the aftermath of conflicts that had diverted the country from its economic trajectory. He emphasized that Pakistan is overcoming these challenges and is actively working to correct its undeserved reputational damage, not just with words but with concrete actions.
Ambassador Khan conveyed a message of optimism about Pakistan’s future, citing the nation’s geographic and demographic advantages, its resilient passage through recent global crises, and ongoing transitions in state governance as evidence of its inherent strength. He reassured the audience that despite facing headwinds, Pakistan has managed to sustain its economy without defaulting, has reduced inflation, and has maintained a stable currency.
In his speech, Khan introduced the SIFC, created in June to streamline foreign investment processes, ensuring quick approvals and efficient project implementation. He outlined Pakistan’s opening of sectors such as IT, energy, agriculture, mining, and defense production for foreign investment, backed by incentives to position Pakistan as an attractive destination for global capital.
The ambassador highlighted the explosive growth of Pakistan’s tech startups, which have experienced a dramatic increase in venture capital funding, from $10 million in 2018 to an impressive $1 billion annually. He also pointed to the country’s e-commerce earnings, which have reached about $6 billion, emphasizing the significant potential for further growth in the sector.
Detailing the economic reforms, Khan mentioned the push for macroeconomic stability and business climate improvement through a range of strategies, including a reformed tax system aimed at financing human and infrastructure development, as well as climate resilience initiatives.
Moreover, Khan discussed Pakistan’s readiness to embrace the technological revolution, mentioning areas like Artificial Intelligence, blockchain, and robotics, which he believes will bolster the country’s economic stance.
The Ambassador also focused on the longstanding investment ties with the United States, indicating that there is substantial room for growth in American foreign direct investment, beyond the $1.5 billion invested over the past three years. He cited the US-Pakistan Green Alliance initiative as a significant step toward sustainable development in energy and agriculture sectors.
Concluding his remarks, Khan expressed gratitude to the Atlantic Council for facilitating a platform to explore avenues for Pakistan’s economic and political elevation, expressing hope for Pakistan to achieve robust economic growth and human security.