The United States is ready to transfer technology to Pakistan to generate cheaper electricity, using hydro, coal and windmill methods instead of opting for the nuclear technology. It emerged from a meeting Principal Officer of the US Consulate Bryan D Hunt had with Lahore Chamber of Commerce and Industry President Muhammad Ali Mian on Tuesday.
Senior Vice President Mian Muzaffar Ali, Vice President Shafqat Saeed Paracha, former president Sheikh Mohammad Asif, Mian Misbah-ur-Rehman, former senior vice president Sohail Lashari, former vice president Shahzad Ali Malik and Executive Committee members were also present. He said the US could help Pakistan produce cheaper electricity through coal and it was also ready to help her build water reservoirs.
He said the US had already given 500 million-dollar aid to Pakistan and would extend further support, especially for the education and health sectors. He said his country was ready to consider a free trade agreement (FTA) with Pakistan, but the real situation would clear after the elections in his country. LCCI President Mohammad Ali Mian said the US was the leading export market of Pakistani products accounting for one quarter of total exports.
He said in 2007, Pakistan''s exports to the US were 3.9 billion dollars, showing an increase of five percent over 2006. Up to 90 percent of the exports were textile and apparel products and Pakistan''s imports from the US were two billion dollars - almost the same as those in 2006. He said civilian aircraft and associated equipment accounted for one-quarter of the import value. Electricity-generating machinery was another item in 2007.
He said the US had joined several projects with India, including "knowledge transfer initiative", the US-India biotech alliance to foster the growth of the bio-technology industry in India, the US-India fund supporting 300 research projects in science and technology and signing of the Indo-US science and technology agreement and the US-India cooperation in nano-technology in 2005. The US-India growing cooperation in the nuclear technology transfer is another important issue.
He said Pakistan, though denied of a nuclear deal with the US, the country was, however, promised that its energy needs would be adequately addressed. He went on to say the Congress had passed the reconstruction of opportunity zones in Fata and the earthquake-affected areas, though not approved yet. He said Pakistani businessmen would like the US to add some more textile category items to boost export from these regions.
Mian said Pakistani exporters had made their commitments, irrespective of the circumstances in the country and that the export orders were dispatched in time, showing Pakistani businessmen''s commitment and sincerity. But whenever any terrorist attack hit Pakistan, exporters had to face cancellation of letter of credits (L/Cs) and pressure from the US buyers.
He said Pakistan was among the fastest growing economies of Asia before 2007, making significant developments in recent years because of pro-growth policies of the government after 2001. He said that during this period, our per capita increased to 925 dollars with a decrease in poverty rate from 34 percent to 24 percent.
He said a major overhaul of tax collection system, Pakistan''s relative standing had also improved and that the total foreign direct investment (FDI) in Pakistan exceeded eight billion dollars for the year ending in June 2007, showing an unprecedented flow of FDIs over 2006.
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