Pak ripe for investment in IT, Agriculture, minerals & energy sector: Sardar Masood Khan tells Pak-American Chambers of Commerce

WASHINGTON, Nov 10 (SABAH): “The Special Investment Facilitation Council (SIFC) is shaping a creative investment landscape by promoting investor-friendly environment in the country,” said Pakistan’s Ambassador to the United States Sardar Muhammad Masood Khan. “By offering one-window platform and fast tracking registration process, the SIFC has made it easier for the foreign investors to do business in Pakistan,” he said. “Invest with full confidence and reap huge dividends being offered by the country in multiple sectors,” he added.

Ambassador Masood Khan made these remarks during his meeting with members of the Pakistan-American Chamber of Commerce, Gwinnett Chamber of Commerce Georgia, and Pakistan Chamber of Commerce of USA. The meeting, held virtually, was attended by Salman Ajani, CEO of Amazing Energy Solutions, Ms. Innaara Babwani from Gwinnett Chamber of Commerce Georgia, Amir Piprani, President of Pakistan Chamber of Commerce USA; Waqar Khan, Chair, OPTV Global, Fawad Ismail, President of Bankers Association and Ahmed Chanai, director Pakistan Stock Exchange, Karachi among others. Consul Generals of Pakistan and senior officials from all the four Consulates were also present during the meeting. This is for the first time that all Chambers of Commerce in the United States have come together to discuss investment opportunities in Pakistan.

Encouraging the business community from across the United States, Ambassador Masood Khan reaffirmed commitment of the Government to drive positive change in ease of doing business inviting Pakistani-Americans to leverage their expertise and invest in the sectors that match their passion and skills. “Scale up your investment ambitions and lead the way in the thriving business landscape of Pakistan. “Pakistani Americans are already making waves in diverse sectors, it’s time to make your mark too,” he told the attendees. “Join the growing league of Pakistani Americans making smart investments in Pakistan. From hospitality to health-tech, diagnostics, and fin-tech, the opportunities to thrive are endless,” he said. “Let’s ignite a wave of innovation and propel our beloved country towards greater success,” he continued.

Highlighting the presence of 80 US companies in Pakistan, Masood Khan said that the US has a comparative advantage because of American companies’ experience in Pakistan spanning decades and their existing infrastructure in the country. Noting multi-billion mega investment projects from Canada, KSA, UAE, and other Gulf countries, he said that the country has opened new doors for foreign investment in four sectors: IT, energy, agriculture, and mining. He also recounted various incentives that were being offered in IT, energy, and mining sectors to make the country an attractive destination for investors across the globe. He said that from a modest start of $10 million in venture capital funding in 2018, the country has witnessed exponential growth of tech startups with renowned VCs injecting $1 billion annually. He noted that tech startup turnover for last fiscal year stood at $3 billion.

Highlighting reforms in tech sector, Masood Khan said that creation of E-wallets and cashless revolution was transforming the overall financial ecosystem with fin-tech applications making transactions easy, secure and transparent. He also apprised the participants about Special Technology Zones (STZs) for direct investments. “With its strategic focus on facilitation and incentives, Pakistan is paving the way for increased foreign investment and thriving business opportunities,” he added.

The representatives of the chambers thanked Ambassador Masood Khan for the initiative and bringing them under one roof. They also appreciated the steps taken by the Government of Pakistan especially the establishment of Special Investment Facilitation Council (SIFC) terming it a ‘bonanza for the economy of Pakistan’. They expressed that hope that SIFC would serve as a catalyst towards restoring confidence of the business community and turn around the fortune of Pakistan’s economy.

Ambassador Masood Khan urged Pakistani American investors to form trade mission comprising members from all chambers of commerce in the United States that can visit Pakistan to understand investment opportunities in the country. On the issue of Intellectual Property Rights and registration, the Ambassador instructed all trade officers in the Pakistani Consulates across the United States to connect with the business community and help redressing their issues. It was also decided during the meeting to create a special portal on the Embassy of Pakistan’s website that would be linked to Special Investment Facilitation Council (SIFC) webpage for the ready information on various incentives being offered by the Government of Pakistan.

Pakistan’s Consul Generals in New York, Houston, Los Angeles, and Chicago assured their full cooperation in providing speedy information to the business community by arranging briefings for the investors in their respective consulates.

Amir Piprani, President of Pakistan Chamber of Commerce of the United States also extended an invitation to Ambassador Masood Khan to attend their annual dinner as chief guest in December 2023.