US Ambassador Anne W Patterson on Tuesday reaffirmed pledge to build the Reconstruction Opportunity Zones (ROZs) in the border areas of Pakistan to prevent people from turning into extremist through provision of employment. Speaking at inauguration ceremony of the new secretariat of The American Business Council, she said that the US will initiate infrastructure development projects under ROZs.
Besides, establishing manufacturing units there. Expressing optimism, she said that in this connection the US Congress has adopted a bill, which will now be presented in the Senate. The Obama administration is working hard to succeed in passing this bill from both the houses.
About duty free access to Pakistani products in US markets, Anne ruled out any possibility amid the economic recession which the US is, at present, undergoing and has badly scaled down peoples' income and jobs. She urged the US private sector to invest in the energy generating sector of Pakistan, saying that investor should visit here as its large part is safe.
She also urged Pakistanis living in the US to invest here. Regarding Foreign Direct Investment (FDI) from the US, she said it has reached $1.3 billion in Pakistan during the fiscal year 2007-08,adding that during the first nine months of the current fiscal year the US investment has touched $705 million.
US Ambassador pointed out that the bilateral trade volume between the US and Pakistan is $5.6 billion, which is 25 percent of Pakistan's total global trade. Thus, making the US largest trade partner of Pakistan. She maintained that the US is also largest investor in Pakistan.
Referring to the $100 million investment in Pakistan by an investor from Oklahoma, she said that there was a large investment opportunity for the US based private sector. She apprised newsmen about the US efforts in supporting intra-regional trade in the region, which will generate jobs for exporters and importers and manufacturers.
The US also wants to build logistics between Karachi Sea Port and Central Asian markets which will help reduce cost of business in Pakistan, Anne W Patterson said. She made it clear that no foreign financial aid can substitute the private sector's role in creating jobs, urging it to make efforts also in building dams to provide low-cost electricity to the people. President of The American Business Council Asif Jooma also expressed his views.
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