The Lahore Chamber of Commerce and Industry (LCCI) on Monday gave an update on local transport sector to a two-member team from the US Trade Development Agency (USTDA) and sought technical and financial assistance for its upgradation. The US team comprising Dr James Peter Rizer, and Zafar Iqbal called on LCCI Vice President Faisal Iqbal Sheikh and Executive Committee members.
Both the Lahore Chamber of Commerce and Industry (LCCI) and the USTDA team agreed to expedite work on potential avenues in transport sector for possible USTDA financial and technical assistance.
Speaking on the occasion, Dr James Peter Rizer, the leader of the US delegation briefed the participants about the objectives of the USTDA team's visit and said that the US Trade and Development Agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment.
The USTDA's strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development. In carrying out its mission, USTDA gives emphasis to economic sectors that can benefit from US exports of goods and services, he added.
The LCCI Vice President Faisal Iqbal Sheikh said that Pakistan has a reasonably developed transport infrastructure and there is a big scope in transport sector especially in bus and truck manufacturing. He said that despite recession and economic meltdown, only transport sector has shown good results and this is an ample proof that this important sector has the ability to expand further.
He said that Pakistan Railways has an enormous potential. The network of railway tracks consists of the main North - South corridor, connecting the Karachi ports to the primary production and population centers in Pakistan, he added. He also said that USTDA assistance could help Pakistan's transport sector become the best economic sector.
Although Pakistan is passing through bad times, yet it is hoped that this temporary phase would be over and the country would become the hub of business activities. The importance of transport sector is going to become center of focus because Pakistan is located at a point that is the gateway to China, Afghanistan and Central Asia and entire trade is to be made through this route.
This shows that if proper tapping of the potential is ensured, the sector will reach higher ranks of prosperity. Dr James Rizer is an expert conducting economic, socio-economic planning and policy analysis for transportation, infrastructure and natural resources sectors. His international project experience covers a wide variety of developing countries.