Masood praises the contribution of Pakistani-American entrepreneurs to quickening economic expansion.
Masood Khan, the Pakistani ambassador to the United States, asserts that Pakistani-American tech entrepreneurs can function as a catalyst to boost growth and investment in Pakistan’s IT and startup sectors.
At the Organization of Pakistani Entrepreneurs (OPEN) Annual Forum in Silicon Valley, he stated that the recent improvement in bilateral relations between Pakistan and the United States has opened the door for Pakistani-Americans to invest in the country.
He stated that the two nations had prioritised economic partnership as the new fulcrum of bilateral relations and were collaborating to establish chances for collaboration in commerce, technology, health, energy, agriculture, and education.
The Ambassador, briefing the guests on investment opportunities in Pakistan, stated that Pakistan’s strategic geographic location, extensive neighbourhood, and impressive demographic cohorts make it an ideal investment destination. Approximately eighty U.S. companies and corporations have been conducting business in Pakistan for decades, he said. He stated that the government of Pakistan had made a number of efforts to improve the business climate in the nation, including a liberal visa regime, tax simplification, and the facilitation of profit repatriation. Consequently, he continued, U.S. technology investors and venture capitalists were investing in Pakistan’s e-commerce, fintech, health, retail, and supply chain startup ecosystem.
He asked the Pakistani-American investors and tech entrepreneurs to capitalise on these favourable developments and invest in Pakistan’s IT and technology industries.
Other panellists included Duraid Qureshi, CEO of Hum Network Limited, Kanwal Bukhari, Program Manager of USAID Pakistan, and Naveed Sherwani, a prominent Pakistani-American entrepreneur.
They announced the establishment of the $50 million “Pakistan Katalytic Fund” to invest in Pakistani startups.
Earlier, Ambassador Masood Khan delivered the keynote address during a session on the application of technology to disaster management. He asserted that Pakistan had been destroyed by a natural disaster. More than a third of the nation was submerged, and around 33 million people were affected. The estimated cost of the damages was $40 billion. He commended the U.S. government for its prompt and generous contribution of US$ 97 million and the Pakistani-Americans for their contribution of US$ 27 million to the relief operations. However, he continued, vital periods of repair and rehabilitation required further assistance.
Pakistan is the eighth most vulnerable country to the effects of climate change, despite being the lowest emitter of greenhouse gases (GHGs). He stated that Pakistan seeks climate justice for the most vulnerable nations and has campaigned for the inclusion of a loss and damage agenda at this year’s COP 27 in Egypt.
Ambassador stated that technology may be utilised to predict natural disasters, mobilise funding for rehabilitation, and raise awareness about disaster preparedness, mitigation, and adaptation.
The OPEN Silicon Valley Annual Forum is an annual event produced by the OPEN Silicon Valley chapter. This year’s conference centred on Fintech, web 3, and startup ecosystems in Pakistan, as well as climate change. There were approximately 2000 attendees, including entrepreneurs, businesspeople, professionals, academics, and students.