The Principal Officer US Consulate in Lahore Brayn D Hunt said that vast opportunities existed for auto vendors in United States, therefore, they should come forward to do maximum business with the world's largest economy. He expressed these views during a visit to MGA Industries here on Friday.
Papaam Chairman Malik Mohammad Aslam, Chief Executive of MGA Industries Tahir Javed Malik and Khalid Javed Malik were also present on the occasion. Brayn D Hunt, who spent well over an hour in the industrial unit, said that in today's fast changing world only those countries would be able to have their place in the global market that would produce quality goods in compliance with international standards.
He said the United States was the Pakistan's leading export market accounting for about one quarter of total exports. During 2007 Pakistan's exports to the US were $3.9 billion showing an increase of 5-percent over 2006.
About 90 percent of the exports comprised of textile & apparel products, whereas Pakistan's imports from US were around $2 billion almost same as in 2006. Civilian aircraft and associated equipment accounted for one quarter of the import value, electricity-generating machinery is another notable item imported from the US during 2007, he said.
He said all out measures are being taken to maximise the interaction between the business communities of the two countries and in this regard the US consulate in Lahore is trying to disseminate all business-related information to concerned business circles.
The US Principal Officer also took a round of all departments of the factory and appreciated the working methodology and installation of most modern equipment. Speaking on the occasion, the Papaam Chairman Malik Mohammad Aslam said that Pakistan is among fastest growing economies in Asia and has made significant positive developments in the recent years due to pro-growth policies of government after 2001.
Per capita has increased to $925 with a decreased poverty rate from 34 percent to 24 percent during the last five years. A major overhaul of tax collection system, Pakistan's relative standing has also improved. The UN development programme on its 2007-08 human development index ranked Pakistan 136th out of 177 countries.
He informed the visiting diplomat that the total Foreign Direct Investment in Pakistan exceeded $8 billion for the year ending June 2007 showing an unprecedented flow of FDIs over the previous year. About one third of foreign investment was made by the US based investors, which shows the level of cooperation extended by the US in post 9/11 scenario.