US Assistant Secretary for Economic and Business Affairs, Dan Sullivan, had a meeting with Minister of State for Finance, Omar Ayub Khan, here on Tuesday and discussed matters relating to increased economic co-operation and trade between the two countries.
Omar briefed the US delegation about various economic policies of the government initiated by Prime Minister Shaukat Aziz as Finance Minister for achieving economic development through deregulation, privatisation and liberalisation.
He said: "Pakistan is now one of the fastest growing economies in the region. Last year, its GDP growth rate was 8.6 percent, and this year it would be more than 6.6 percent.
"We have reduced the poverty to 25 percent in the last five years from 32 percent, as there was significant improvement and growth in each sector of the economy, such as manufacturing, agriculture and services" he added.
He said that there was a sizeable growth in the dairy sector, and Pakistan has a well thought-out strategy through which it would become one of the top dairy producing countries in the world.
The Minister told the US delegation that the government was making heavy investment in human resource development, building of infrastructure and especially the energy sector where the demand was increasing at the rate of 13 percent per annum but there was also a large potential of harnessing energy resources of the country.
He said that Pakistan would soon become a corridor of regional trade as North-South corridor would connect western China and the Central Asian Republics to Gwadar and Karachi.
He said that besides mega projects, the infrastructure in rural areas was also being developed, and referred to computerisation of land record so that the facilities of credit and others could be extended to the rural areas.
He asked the US delegation to extend access to Pakistani products through tariff rationalisation and that it would be beneficial for both countries.
Earlier, Omar thanked the US delegation for the timely assistance provided by the US for the recovery and rehabilitation efforts of the government in the earthquake-hit areas, and especially the provision of heavy lift helicopters.
The US Assistant Secretary for Economic and Business Affairs appreciated the growth of Pakistan's economy and laid stress on strengthening the people-to-people contact for strengthening and broadening the economic relationship.
The meeting was also attended by Finance Secretary and other officers of the Ministry of Finance.