Blueprint for Pakistan’s rise as an economic power is unfolding: Masood Khan
Urging Pakistani-Americans to scale up their investments in the country, Ambassador Masood Khan has said that “Pakistan is witnessing economic and digital revolution with its tech-savvy youth, new sectors of economy opening up and the womenfolk joining its workforce.”
Highlighting rich natural resources of the country and the huge investment opportunities in multiple sectors of the economy, he observed that “Pakistan is a treasure trove.”
Addressing a session on ‘Investment Opportunities in Pakistan’ during conference on Diplomacy for Development arranged by International Academy of Letters USA, the Ambassador highlighted that time was ripe for the investors to bring their excess capacity to Pakistan and reap huge economic dividends.
Moderated by Sobat Khawaja, the panelists included renowned expert in energy and asset management Riaz Siddiqui, Shahzad Bashir, skilled in Management, Mergers and Acquisitions, Corporate Governance, Start-ups, and leadership and healthcare expert Mohammad Shafiq Ahmed. Mr. Salaman Lalani, Pakistani-American Assembly member in Texas State Capitol, gave the opening remarks which were followed by moderated discussion between the panelists.
Principal Deputy Assistant Secretary Bureau of South and Central Asian Affairs, Elizabeth Horst, Senior State Department officials, Pakistan’s Consul General in Houston Mohammad Aftab Chaudhry and community leaders, entrepreneurs and members of business community were present during the session.
The participants echoed the sentiment that the diaspora needed to be a proactive partner and not the spectator in the economic development of Pakistan.
The participants noted that despite economic constraints during recent times, Pakistan presented itself as an attractive destination for investment. The presence of abundant natural resources and 60% young population was an asset for Pakistan which needed to be harnessed.
It was pointed out that Per capita GDP of Pakistan needed to be increased exponentially. This was possible only by enhancing the investments by both public and private sector.
The panelists were of the view that a focused approach on import substitution with adequate incentives to the local manufacturers would create job opportunities and help the economy to grow.
The Ambassador thanked the panelists for informed discussion and giving valuable suggestions for enhancing investment in Pakistan.
Highlighting youth potential of the country, Masood Khan said that contrary to the impression of shortage of skilled workforce, the youth of Pakistan nowadays was equipped with the state of the art knowledge and expertise from leading universities of the world.
200 universities of the country were injecting new graduates into the country’s workforce. We have women entrepreneurs. We have women who are in the civil service and in the private sector,” the Ambassador said. “This is a huge transformation that has taken place,” he continued.
Highlighting IT potential of the country, the Ambassador stated that there were 127 million Broadband Subscribers in the country.
Those who go back to the country from the United States and other parts of the world, they must have noticed that there is a digital revolution underway in Pakistan,” he said.
Masood Khan said that the blueprint for Pakistan’s rise as an economic power was there and it was unfolding.
The Ambassador highlighted that unicorn companies across the world including US, UK, UAE and China were supporting start-up business ecosystem in Pakistan. The tech startups market was bullish, observed the Ambassador.
Recounting major areas of investments by Pakistani-Americans, Masood Khan noted medical transcription, billing, telemedicine, digital banking, FinTech where investors from the United States were investing in the country.
Pakistani Americans are investing heavily in Pakistan. All you need to do is to scale up your investments,” he said.
The Ambassador also assured the participants that the Embassy of Pakistan and its Consulates would provide all possible support in connecting potential investors with the relevant organizations in Pakistan and removing hurdles in way to enhancing trade and promoting investment in the country.
Ambassador Khan thanked Mr. Ghazanfar Hashmi, President/CEO · International Academy of Letters USA, Faisal Momin, President of the Ismaili Council for Southwestern USA, Aga Khan Development Network and other organizers for arranging the Conference and the session.
Houston, Jul 19, 2023
