USAID Investment Promotion Activity, Quarterly Progress Report, Jan-Mar 2023

The project's implementation period is from December 1, 2021, to November 30, 2026, with a total contract value of USD 16,876,093.00. The project has four main objectives: to improve the business enabling regulatory environment for investment promotion, to institutionalize reforms, ease of compliance, and transparency, to increase U.S.-Pakistan bilateral trade and investment, and to mobilize foreign direct investment (FDI) and enhance U.S.-Pakistan bilateral trade. During the reporting period, IPA continued to expand and implement programmatic activities according to the project's approved workplan. The team worked closely with partners, including the Board of Investment (BOI), Punjab Board of Investment and Trade (PBIT), Sindh Investment Department (SID), and other autonomous organizations, to introduce the project, discuss intervention areas, and explore mutual collaborations for undertaking reforms related to investment promotion and U.S.-Pakistan bilateral trade. IPA also participated in two key international investment promotion events, including the Game Developers Conference in San Francisco, where over 35 Pakistani game developers showcased their products. The event was inaugurated by William Makaneole, U.S. Consul General (Lahore), and Asim Ali Khan, Pakistan's Consul General in Los Angeles. IPA also initiated a market assessment on capacity building for the ICT sector on investment readiness, based on feedback from private sector stakeholders on how investment readiness affects the ability of private sector firms to raise capital. The Business Enabling Environment (BEE) workstream of IPA is focusing on developing technical interventions to address the gaps and constraints to investment promotion as identified in Year 1 through various assessments. IPA continued to expand and build on relationships with key public and private sector players to introduce the project, discuss intervention areas, and explore mutual collaborations for undertaking reforms related to investment promotion and U.S.-Pakistan bilateral trade. IPA held an introductory meeting with the Overseas Chamber of Commerce and Industry (OICCI) to discuss the engagement plan between both organizations covering policy and research, advocacy, and participation in events. The project also held a follow-up meeting with the American Business Council of Pakistan (ABC) to discuss the engagement plan between both organizations. The project's implementation progress is being monitored and evaluated through the Activity Monitoring, Evaluation and Learning Plan (AMELP). The plan includes performance indicators, which are being tracked and reported on a quarterly basis. The project's success story is also being documented and shared with stakeholders. IPA's activities are focused on promoting a more stable, peaceful, and prosperous Pakistan by advancing Development Objective 3, "Increase Private Sector-led Inclusive Economic Growth." The project's implementation progress is being closely monitored and evaluated to ensure that the project's objectives are being met.