Chicago, 15 Oct 2023: In a bid to woo American investors and strengthen economic ties, Pakistan’s Ambassador to the United States introduced the Special Investment Facilitation Council (SIFC) at the “Future of Everything Summit” in Chicago. The SIFC aims to expedite project development, ensure policy continuity, and encourage foreign direct investment in key sectors, particularly IT, energy, agriculture, mining, and defense production.
Sourced from the Press Information Department (PID), the Ambassador, Masood Khan, emphasized that the SIFC will streamline business processes and provide a cohesive approach from the government to harness Pakistan’s potential. This development is in line with the shared goals of both nations to broaden their partnership across various sectors including trade, investment, healthcare, and education, among others.
During his keynote address at the summit organized by the Organization of Pakistani Entrepreneurs (OPEN) Chicago, Khan shed light on Pakistan’s economic trajectory and potential. Highlighting its strategic position to serve as a business corridor within the MENAP (Middle East, North Africa, and Pakistan) ecosystem, he noted that venture capitalists have recognized the immense opportunity within the region, which boasts a population of 600 million, of which 230 million are Pakistanis.
Khan elaborated on the significant growth of Pakistani tech startups, citing that venture capital funding leaped from $10 million in 2018 to over $1 billion currently, with IT exports standing at $3 billion. He acknowledged the US government’s support in fostering partnerships between American investors and Pakistani firms, referencing a recent $40 million investment agreement between USAID and a Pakistani-American-led Silicon Valley entity.
Furthermore, the Ambassador pointed out the abundance of minerals in Pakistan, such as copper, gold, and lithium – essential for battery production, underscoring the nation’s readiness for semiconductor manufacturing. He specifically mentioned Barrick Gold’s initiative to extract significant amounts of copper and gold annually.
Masood Khan concluded by urging US investors, including sovereign wealth funds, to invest in Pakistan’s promising sectors. He extended a special invitation to Pakistani-Americans, encouraging them to fortify their ties with their homeland and foster a vibrant future for Pakistan-US relations.
The event, meticulously organized by Mr. Mahmood Majeed and Mr. Aamir Chalisa, provided a platform for discussions on emerging technologies, economic trends, and investment opportunities, aligning with OPEN Chicago’s mission to promote entrepreneurship and professional excellence.