The US companies are keen to invest in potential sectors in Pakistan, particularly hydro-power generation, to meet growing energy needs of the country. However, Pakistan needs to take steps from creation of more favourable environment for foreign investors in the country, said US Commercial Counsellor, James Fluker, while addressing to the members of business community, during his visit to Sarhad Chamber of Commerce and Industry here on Wednesday.
Fluker said: "US has gained substantial progress in boosting up mutual economic and trade relation with Pakistan. Our main objective is to deliver much more to grow the economy and to meet essential needs under a long-term commitment." Accompanied by US Consul General in Peshawar, Robert G Reed, Timmons, Pol/Econ Chief, Tammy Paltchikov, Public Affair Officer in US Consulate Peshawar, Fluker said the US investors are willing to grow its operational activities. He, however, said that Pakistan government needs to further take steps for attractive direct foreign investment in the country.
On the occasion, the SCCI president, Dr Mohammad Yousaf Sarwar, President Women Chamber of Commerce and Industry, Nuzhat Rauf, renowned industrialists and businessmen and members of the chamber executive committee were present. While addressing on the occasion, Dr Yousaf Sarwar said that the industrial growth has become standstill amid growing energy crisis and worsening law-and-order situation particularly in Khyber-Pakhtunkhwa and generally in the entire country. He supported Pak-Iran Gas pipeline deal, which was aimed to cope with increasing electricity demand of the country.
Dr Sarwar strongly objected that US government stance regarding the Pak-Iran Gas pipeline agreement, which might be faced both military and economic sanctions after reaching any such accord with Iran. He said the move is earning bad name in mind of people of Pakistan, because they disparately need sufficient energy to meet their domestic, commercial and industrial requirements.
He suggested that US should extend financial and technical assistance for exploring the potential and exploit hydro-power resources while keeping in view the ground realities. He also stressed for initiation of joint venture between US and Pakistan to not only enhance mutual economic relations, but also improve the present business linkages.
Fluker said that the US investors had played a pivotal role for economic growth of the Pakistan, which was also paved way to get Generalised System of Preferences (GSP) plus status by European Union. "We would hope to see a considerable growth in US direct foreign investment in coming days in Pakistan," he expected. He reaffirmed: US is committed to collaborate with Pakistan for promotion of mutual economic and trade relation and importantly to address energy issue.
The US official informed that United States had assisted for several hydro-power generation projects in Pakistan, while keeping in view its growing energy needs. He further said that the projects would add to 900 mega watt electricity to Pakistan power system, which would benefit to more than 12million population in the country.
While commenting to views and demands of the business community, Fluker said that they are mainly focusing for having more and more business contacts and commercial orientation to identified people for exchanging business delegations. He assured the business community to extend maximum facilitation and would play role for convincing US businesspersons to invest in Pakistan, particularly in K-P province.
Regarding the US concerns over the Pak-Iran Gas pipeline project, he abstained to give any comment on this issue. He, however, said that the Turkistan Afghanistan Pakistan and India (TAPI) project was a best option for meeting the growing energy needs of the country.
For promotion of women entrepreneurship and business linkages, Fluker said that they would work jointly with Women Chamber of Commerce and Industry (WCCI) to find way to not only promote women business, but also address their key issues. On the occasion, the US Consul General in Peshawar, Robert G Reed informed that the USAID has extended substantial financial assistance for various development projects in Khyber-Pakhtunkhwa and in the rest parts of the country.
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