Pakistan-U.S. Tech Investment Conference Yields Initial Commitment Of $20 Million By Pak-American Cos

A Pakistan-U.S. Tech Investment Conference, held in California, on Sunday marked a pivotal moment for Pakistan's IT sector with an initial commitment of over $20 million by American companies led by Pakistani-American entrepreneurs, according to an embassy press release

WASHINGTON, (APP - UrduPoint / Pakistan Point News - 11th Nov, 2024) A Pakistan-U.S. Tech Investment Conference, held in California, on Sunday marked a pivotal moment for Pakistan's IT sector with an initial commitment of over $20 million by American companies led by Pakistani-American entrepreneurs, according to an embassy press release.

The event, inaugurated by Pakistan's Ambassador to the United States, Rizwan Saeed Sheikh, was led and organized by the Pakistani Consulate in Los Angeles, and supported by the Ministry of IT & Telecom, Ministry of Commerce, Pakistan Software Export board (PSEB), and Trade Development Authority of Pakistan (TDAP).

Local partners included OPEN-SV and the Pakistan-American Tech Council (PTC) based in California.

Held at the Stanford University and steered by the Consul General in Los Angeles, Asim Ali Khan, the conference drew an broad range of participants, including IT firms, venture capitalists, successful tech professionals, and notable members of the Pakistani diaspora. Elected and government officials dignitaries and members of media also attended.

In her keynote address, the Minister of State for IT and Telecommunication, Ms Shaza Fatima Khawaja, reiterated the government’s unwavering commitment to advancing the IT sector and achieving an ambitious $25 billion export target. She highlighted strategic initiatives fostering an investor-friendly environment, urging the diaspora to seize these opportunities.

Ms. Khawaja said that Pakistan’s IT sector was thriving, with exports already exceeding $3 billion. She noted that the government remained fully committed to supporting the IT industry, fostering innovation, and ensuring that the momentum continues to fuel both technological and economic progress.

In his remarks, Ambassador Sheikh highlighted Pakistan’s geo-strategic environment, emphasizing its cost-effectiveness and competitive quality in the IT sector. He underscored the nation's youthful, skilled, and resilient population as a vital driver of growth, supported by government policies designed to harness this demographic dividend and transform it into a sustainable economic asset.

The Ambassador urged American businesses to explore Pakistan’s vibrant market and called on the Pakistani-American tech community to act as a bridge for deeper economic collaboration. He also addressed common misconceptions, reaffirming Pakistan’s reputation as a flourishing investment destination, also recognized by at global level.

The PSEB delegation, led by its CEO, included 11 innovative Pakistani startups, showcasing the sector’s growing technical capabilities. A representative from the U.S. State Department's economic team for Pakistan also attended the event, reinforcing bilateral support, the press release said.

The conference featured an array of projects in diverse areas including Artificial Intelligence, FinTech, Health Tech, E-Commerce, and software development. These initiatives are aimed at generating employment, attract foreign investment, and seamlessly integrate Pakistan’s IT landscape into the global market. Delegates commended the government’s robust approach in driving innovation and underlined the conference as a testament to the effectiveness of Pakistan’s economic diplomacy and its broader revival strategy.

Prominent speakers included the CEO of PSEB, the President of OPEN-GLOBAL, and key representatives from emerging startups. Central business District (CBD) Punjab presented its advanced IT infrastructure initiatives, appealing to U.S. investors. A panel discussion highlighted success stories of U.S. companies operating in Pakistan’s IT domain, covering areas like semiconductor design and software development. A senior Google executive also contributed insights.

Ambassador Sheikh, PSEB, and other partners committed to sustaining the momentum through continuous diaspora engagement and broader outreach, it added.

The Ambassador unveiled the "Digital Trinity" concept, proposing a synergistic partnership leveraging U.S. technology, Saudi investment, and Pakistan’s skilled workforce in the IT sector to achieve shared growth.

The conference underscores the enduring bilateral relationship with technology as a vital conduit for achieving socio-economic progress.

APP/ift