Washington to host Karachi-investment summit in September

Event targets to generate investment of around $2b for metropolis

WASHINGTON: An event titled “Invest in Karachi Summit” aimed at attracting foreign investment in the metropolis will be organised in Washington DC in the first week of September 2020.

This was decided at a convention named “The Karachiites” held in the US capital on Sunday.

The event was attended by over 500 people including businessmen, doctors, engineers, civil society activists and entrepreneurs.

Women Affairs Commissioner at Maryland Department of Human Services in US Ishrat Memon informed the gathering that the summit would be led by Fauzia Kasuri – a prominent Karachi-based politician – and former executive member of the PTI.

Citing reasons for choosing Fauzia, Ishrat said the veteran politician had travelled extensively around the globe in the last 25 years and had collected around $2 billion in charity for various organisations of Karachi including Akhuwat Foundation, Shaukat Khanum Hospital and others.

Karachi – known as the financial hub of the country – has been showing a downward economic trend after several entrepreneurs left the city due to leadership crisis and settled in North America and Europe.

Islamabad Blue Area project will attract foreign investment: PM Imran

Speaking on the occasion, Fauzia said that businessmen, multinational corporations and all those who are interested to invest in Karachi would be invited to attend the summit.

She said that stakeholders from Karachi will also be invited to the event who will guide the US citizens about the potential of investing in the metropolis.

“Investment in Karachi will bring investment in other cities of Pakistan too and help in ending deprivation and injustice,” she said.

Fauzia noted the summit would not involve any funding from the Pakistan government and would enjoy the support of US citizens, civil society members and US Chamber of Commerce.

“We all have volunteered for Karachi and our target is to generate investment of around $2billion,” she stated.

Stressing on the need to invest in Karachi – an IBA graduate and US-settled business tycoon – Shahid Hashmi – maintained that the city offered lucrative business opportunities.

He stressed on the need to make the investment environment in the metropolis conducive by focusing on the long-term economic policies, restoration of law and order, judicious decision-making and fast implementation of development plans.

“All Karachi-born businessmen, entrepreneurs, doctors, scientists and educationists who are in North America and Canada will be invited to the summit,” he said.

“These stakeholders will be guided to invest mainly in education and healthcare,” he added.

Hashmi told the audience that 30 largest multinational corporations in the US would be invited to the event.

“For making Pakistan economically independent, first we have to make Karachi an investment-friendly city, he said.

Senior Republican Party political activist Shahab Qarni informed the gathering that US Senator from Maryland Chris Van Hollen – who is a Karachiite by birth – would be one of the chief guests at the summit.

He said that Karachi had both positive and negative spillover effects that impacted the whole country.

“Economic prosperity of Pakistan depends on the GDP contribution of Karachi,” he said.

“Entrepreneurs can act like a bridge between Karachi and US for the [economic] prosperity of Pakistan,” he added.

He observed that representative of EXIM (Export and Import) Bank of America will also be invited to the summit.