Acting Deputy Chief of Mission, Brian Aggeler, joined Commissioner of the Securities and Exchange Commission of Pakistan Akif Saeed, Board of Investment Chairman Miftah Ismail and other officials to commemorate the successful completion of the United States Agency for International Development (USAID) Firms Project.
The Firms Project contributed $92 million toward the development of small and medium size businesses in Pakistan. The closing ceremony provided an opportunity to highlight the efforts over five-years of the US, the Government of Pakistan, and members of the business community to increase revenue and access to markets for 4,000 small and medium enterprises in the agricultural, manufacturing, and service sectors.
The Firms Project provided funding and technical assistance to businesses across several sectors, including rural producers of mangoes, peaches, and dates, and workers in the garment, weaving, marble, fisheries and tourism industries. Speaking about the success of the programme, Aggeler said, "In all, American investments in Pakistani small and medium-sized businesses over the past five years resulted in an increase of more than 54 million dollars in sales revenue for Pakistan, including 27 million dollars in exports."
The Firms Project increased the number of jobs by three-fold among the businesses participating in the programme. In conjunction with the Government of Pakistan, the Firms Project also supported policy reforms by providing 82 recommendations on reforms ranging from mining policy to the corporatisation of agriculture and livestock markets.
Aggeler reaffirmed the US government's commitment to work with the people of Pakistan and said, "As we have seen through the results of the Firms Project, working together we can improve lives and bring economic growth - with all of its benefits - to the people of Pakistan."
The US is working in partnership with the Government of Pakistan to improve the business climate throughout the country. US assistance projects seek to bolster Pakistan's business-enabling environment in rural and urban areas, support key sector reforms, improve public financial management, and enhance the trade and business environment. For more information on US assistance to Pakistan's economic growth sector, please visit: http://www.usaid.gov/pakistan/economic-growth-agriculture.-PR
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