Washington is going to host “Invest in Karachi Summit” scheduled to be held in first week of September this year.
This was decided in a convention named “The Karachiites” held in Washington DC on Sunday. Over 500 people including businessmen, doctors, engineers, civil society activists and entrepreneurs attended the event.
Mrs. Ishrat Memon, born in Karachi and currently serving in US as Commissioner for Women Affairs at Maryland Department of Human Services, while addressing the participants of convention said that Fauzia Kasuri, a prominent Karachi-based politician, former executive member of PTI will lead the summit. Mrs. Memon told that Fauzia Kasur has given up her USA nationality to serve whole of her life for Pakistan. She more said that Fauzia Kashuri has been chosen for this task because she has traveled around the globe in last 25 years and collected around USD 2billion in charity for various organizations of Karachi including Shaukat Khanum Memorial Hospital, Akhuwat Foundation and many others.
Karachi, most commonly known as financial and industrial capital of Pakistan, has been showing downward economic growth owing to the leadership crises that has engulfed the city after economic and business entrepreneurs left the city and settled in Europe and North America. Karachi has over 14 million population, two major ports with a huge economic potential and there is a dire need that those who flew from Karachi should reinvest in their city.
Fauzia Kasuri, a Karachiite herself, told the audience that all the stakeholders including businessmen, Multinational corporations and all those who are interested to invest in Karachi will be invited in the summit. She more told that stakeholders from Karachi will also be invited who will guide the US nationals about the potential benefits of investing in Karachi. Due to the low investment and earning opportunities, Karachi has been facing the challenge of brain drain, she added. “Investment in Karachi will bring investment in other cities of Pakistan too and help in ending deprivation and injustice”, said Fauzia Kasuri. She said that the summit would be organized without the funding of Pakistani government and would be fully supported by US nationals, civil society members and US chambers of commerce. We all have volunteered for Karachi and our target is to generate the investment of around USD 2billion, she added.
Shahid Hashmi, a billionaire businessman settled in USA and a graduate of IBA Karachi said that entrepreneurs from all around the globe have been discussing about the potential Karachi has and the downward growth trend. He said that there is a dire need to make the investment environment of Karachi conducive by focusing more on long-term economic policies, restoration of law and order, judicious decision making and fastest implementation of development plans. He said that all the Karachi-born businessmen, entrepreneurs, doctors, scientists and educationists who are in North America and Canada will be invited in the summit. He said that these stakeholders would be guided to invest mainly in education and healthcare. He told that 30 largest MNCs of USA would be invited. For the economic independency of Pakistan, first we have to make Karachi an investment friendly city, he added.
Former Executive Banker, human rights activist, senior political activist of Republican Party and the main organizer of the convention Shahab Qarni said that US Senator from Maryland Chris Van Hollen who is a Karachiite-by-birth would be one of the chief guests of the summit. He said that Karachi has both positive and negative spillover effects that effects whole of Pakistan. Economic prosperity of Pakistan depends upon the contribution of Karachi in GDP, he added. Qarni further said that entrepreneurs can act like a bridge between Karachi and USA for the prosperity of Pakistan. He said that Walmart and Dunkin Donuts have franchises in almost all countries of the world except Pakistan. He said that representative of EXIM (Export and Import) Bank of America will also be invited because without the guarantee of safe investment by EXIM Bank, US nationals cannot invest in Pakistan.
It is pertinent to mention that over 400 millionaires from Karachi are settled in North America. These Pakistanis can easily invest 10 billion USD annually in various sectors in Karachi and through there it can be expanded to the whole of Pakistan, and with the contribution of business entrepreneurs, birth place of founder of Pakistan may come out of the current economic and leadership crises.