Balochistan

Govt to encourage foreign investment

US firm commits $100 million for K-P startup financing

Our Correspondent October 26, 2023

One of the concerns of multilateral institutions and foreign investment banks is the country’s economic viability post-IMF programme that is ending on June 30. Photo: file

PESHAWAR:

The Khyber-Pakhtunkhwa (KP) government is actively promoting foreign investment in the province to foster development and enhance the well-being of its people.

Recognizing the historical challenges faced by the region, Caretaker Chief Minister Muhammad Azam Khan emphasizes the critical need for investments, particularly in science, technology, and information technology sectors. Azam Khan highlights the province’s tremendous potential for foreign investments and underscores the conducive environment for such initiatives.

A delegation of US-based private investor firms engaged with Azam Khan and his team to explore investment opportunities across various sectors in K-P. Dr. Najeebullah, the Caretaker Provincial Minister for Science, Technology, and Information Technology, and other relevant officials participated in these discussions.

During the meeting, it was revealed that TRAM, a US-based investment firm, has pledged a significant investment of $100 million to support the growth of startups and emerging companies in KP. An MoU has already been inked between the Department of Science, Technology, and Information Technology and TRAM. This substantial investment will be allocated across diverse sectors, including information technology, financial technology, biotechnology, and artificial intelligence.

Additionally, the Department of Science, Technology, and Information Technology has signed a Memorandum of Understanding with another US-based company, TINGO. The collaboration aims to introduce TINGO’s proven business model to the region, accelerating digital transformation and enhancing the digital infrastructure. This partnership will foster entrepreneurship and promote technology-driven solutions.

Chief Ministe Khan expressed his gratitude to the visiting delegates for their commitment to investing in the province. He assured them of the full support and cooperation of his government to ensure the success and mutual benefit of these initiatives.

Published in The Express Tribune, October 26^th, 2023.