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USAID investment and climate summit: U.S. Support for Pakistan’s economy

Islamabad, 22 January, 2024 (GNP):  The Investment and Climate Summit orchestrated by the United States Agency for International Development (USAID) Investment Promotion Activity stood as a momentous occasion, underscoring the U.S. Government’s commitment to fostering foreign direct investments (FDI), elevating bilateral trade between Pakistan and the U.S., and addressing Pakistan’s climate change challenges.

A key highlight of the summit was the USAID Green Alliance Gaming Challenge Awards, which celebrated the innovation of Pakistani game developers.

Their creation raises awareness about critical climate issues and contributes to the country’s growing gaming industry.

The event witnessed the presentation of grant completion certificates to Pakistani firms that successfully implemented USAID grants, showcasing the efficacy of these initiatives in facilitating economic partnerships and attracting FDI.

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USAID’s Mission Director Kate Somvongsiri handed over the ‘Pakistan Investment Guide’ to Secretary Board of Investment Sohail Rajput.

Through USAID’s assistance, the ‘guide to start investing in Pakistan’ will serve as a strategic tool to attract investment, foster economic development, and strengthen the U.S.-Pakistan bilateral trade relationship.

Speaking on the occasion, Mission Director Somvongsiri stated, “The Investment and Climate Summit reflects the United States’ unwavering commitment to supporting Pakistan’s economic endeavors.

Through initiatives such as the Green Alliance Gaming Challenge Awards, USAID Grants, and development of the Pakistan Investment Guide, we aim to cultivate a resilient economy, attract FDI, and deepen our bilateral trade relations”.

The summit also witnessed the signing of a Memorandum of Understanding between USAID IPA and three Pakistani firms, (Shams Power, Walee Technologies, and Al Hadeed). These agreements are set to raise $53 million in international investment for the U.S. within the next 9-12 months.

While expressing gratitude to the U.S. government, the Federal Minister for Commerce stated, “USAID has been a partner in assisting Pakistan in the development sector and this support is greatly appreciated.

The Government of Pakistan is committed to establishing a conducive environment for investment, nurturing innovation, and streamlining trade processes.”

The Investment and Climate Summit is a testament to the tangible outcomes of the robust partnership between the U.S. and Pakistan, focusing on increased FDI and enhanced bilateral trade relations.