LAHORE: Pak-US Business Council on Friday underscored need of enhanced partnership with the United States and the importance of regional connectivity to Central Asia via Afghanistan for greater regional integration besides boosting bilateral trade.
Talking to delegation of exporters and importers led by Rana Anwaar Ul Haq here on Friday founder Chairman Pak-US Business Council and veteran trade leader Iftikhar Ali Malik invited US private sector to lend financial supports to Pakistan for building connectivity with the central Asian region via Afghanistan. He said Pakistan is financing important projects like Khyber-Pass Economic Corridor and CASA-1000 (Central Asia-South Asia power project) for regional connectivity.
He stressed the urgent need to fully mobilise more financial resources through USA's Development Finance Corporation and its private sector to achieve the desired results of regional connectivity. He said "USA is providing economic assistance for more stable, peaceful and prosperous Pakistan".
Iftikhar Ali Malik said Pakistan is implementing around $30 billion worth foreign funded projects in different sectors. He appreciated the USA's $4.2 billion support under Pakistan enhanced partnership agreement since 2010."
He urged the new leadership of US including president elect Joe Biden to provide direct markets access to Pak products to strengthen its national economy which suffered irreparable trillions of dollar loss in fight against terror in the region. He said Pakistan's colossal sacrifices to quell and stamp out spate of terrorism were appreciated worldwide and widely acknowledged huge human losses besides destruction of infrastructure.
About Pak-US trade prospects, he said Pakistan 6th largest country by population, its trade with the US rose 0.5 percent from $5.29 billion to $5.31 billion in October 2020. He said Pakistan is currently 56th largest trading partner with US with $6.6 billion in total (two-way) during the year 2019 while the US goods trade deficit with Pakistan was $1.3 billion.
Iftikhar Ali Malik said that it's high time for the US private sector for direct or indirect investment in different sectors of Pakistan as Prime Minister Imran Khan has offered an excellent historic package of incentives to foreign investors under one window policy and all foreign investments across the world pouring in Pakistan have given full lawful protection, he added.
He said 2757 Pak products valued $23.631 billion were exported to 202 countries and 4096 products worth $40.07 billion were imported from 212 countries in 2019 and this wide margin must be addressed by boosting exports of Pak products.-PR
Copyright Business Recorder, 2020