Washington DC, Pakistan’s Ambassador to the United States, Masood Khan, has put forth a vision of economic resurgence for Pakistan, emphasizing the nation’s resilience and highlighting comprehensive reforms aimed at boosting investment and business facilitation. In a recent address at a conference in Washington DC, Ambassador Khan unveiled the formation of the Special Investment Facilitation Council (SIFC) and detailed economic reforms targeting key sectors for foreign investment.
According to Press Information Department, Ambassador Khan spoke at the two-day conference on ‘Resilience and Reform in Pakistan,’ organized by the South Asia Centre of the Atlantic Council and Johns Hopkins School of Advanced International Studies. Before an audience of thinkers, business leaders, and media, he detailed Pakistan’s journey of overcoming past adversities, including wars and recent economic challenges, and outlined the steps being taken to enhance the country’s economic framework.
Khan reflected on Pakistan’s past, acknowledging that decades of conflict have deflected the country from its economic trajectory, but he noted the current phase of recovery and reform. He expressed determination to rebrand Pakistan’s international image through actionable reforms rather than mere rhetoric.
Amidst current global stresses, Ambassador Khan pointed to Pakistan’s demographic advantage, a burgeoning private sector, and a growing tech industry as key components driving the country’s economic potential. The creation of the SIFC in June is intended to streamline investment processes and provide a single window for foreign investors, aiming to connect Pakistan’s economy with international markets and ensure policy continuity.
Ambassador Khan shed light on significant investments from countries such as Canada, Saudi Arabia, and the UAE, highlighting that Pakistan is opening its doors to foreign investment in sectors like IT, energy, agriculture, mining, and defense production. He underscored the rise in venture capital funding for Pakistani tech startups, which has seen a substantial increase from $10 million in 2018 to approximately $1 billion annually, and he pointed to the tech sector’s $3 billion turnover in the last fiscal year.
The Ambassador emphasized that Pakistan’s ongoing institutional reforms are focused on macroeconomic stability, fiscal discipline, and improvement of the business climate. These reforms are geared towards making Pakistan’s tax system more equitable and expanding the ease of doing business, enforcing intellectual property rights, and fostering capital formation.
Looking ahead, Khan predicted that Pakistan is ready to embrace technological advancements such as Artificial Intelligence, blockchain, and robotics. He also highlighted the growing investment from the United States, which has exceeded $1.5 billion over the past three years, and called for scaling up investments to bolster Pakistan’s regional and global economic stature.
Concluding his address, Ambassador Khan lauded the Atlantic Council for hosting the conference and contributing to the discourse on enhancing Pakistan’s economy. He voiced optimism for Pakistan’s economic future and its role in ensuring security and prosperity for its people and the region.