A two-day US-Pakistan Business Opportunities Conference co-hosted by the United States Trade Representative (USTR), Embassy of Pakistan, Washington DC, Board of Investment and Ministry of Commerce on 4-5 October 2012 in London concluded. Ambassador Susman, the US Ambassador to the United Kingdom and Wajid Shamsul Hasan, Pakistan's Ambassador to the UK patronised this conference.
The conference was significant as it was the first time a bilateral business initiative has been taken between the two governments under the Pakistan-USA Trade & Investment Framework Agreement (TIFA). US Ambassador Susman, Ambassador Sherry Rehman, Pakistani High Commissioner Wajid Shamsul Hasan, Assistant US Trade Representative Michael Delany, Secretary Commerce Munir Qureshi and Chairman Board of Investment Salim Mandviwala spoke at the plenary session of the conference and made a strong pitch for Pakistan-US economic relations that were growing and consistent as the one constant that had not been undermined by stresses in other areas of the relationship.
The resilience of the Pakistan-USA bilateral trade & investment relationship is evident from the fact the USA is Pakistan's largest export market and also Pakistan's largest inward investor. The US government is represented at this conference to demonstrate its support to this opportunity for businessmen from both sides to interact and actually conduct business transactions. Significantly Ambassador Dan Feldman, Deputy Special Representative for Afghanistan and Pakistan, OPIC Vice President Robert Drumheller, US Economic Counsellor, US Embassy Islamabad Robert Ewing attended the conference and spoke with the Pakistan government officials expressing their hope that this conference would provide a tool for growth and prosperity in Pakistan. The Pakistan Private Investment Initiative (PPII) that would attract private investment for the Small & Medium Enterprises sector of Pakistan, was also launched here.
International Finance Corporation, World Bank Private Sector Development Group, US Trade and Development Agency, US Overseas Private Investment Corporation, USAID, Asian Development Bank also attended the conference to support growth of business between Pakistan and the USA.
The whole afternoon of the conference was dedicated to sector specific breakout sessions on textiles, energy, access to finance, consumer goods and financial services. The conferences' first goal was to put many of the US and Pakistani companies together, and many of the 50 companies participating had already booked the full afternoon of scheduling for business to business meetings.
The US company, Case New Holland termed its business in Pakistan as successful and that they were attending the conference to seek opportunities for growth of their business in Pakistan. Paul Daley President International Electric Power (IEP), signed an agreement with Faysal Bank Pakistan with the support of Overseas Private Investment Corporation (OPIC) for revamping and restarting the 94 Megawatt gas fired power plant in DHA Karachi in the afternoon. Leading Pakistani textile houses and the Chairman of Pakistan Readymade Garments Association (PREGMEA) had detailed meetings with GAP, JC Penny and Target from the USA to discuss exports of apparel from Pakistan to the USA.
Addressing on the occasion, the US Ambassador Susman said that the purpose of the Conference was to bring the business communities of the two countries together to build productive economic relationships. He further said that US was in favour of trade with Pakistan instead of aid. Susman hoped that the US-Pakistan economic partnership would further strengthen.
Pakistan's Ambassador to the United States Ms Sherry Rehman in her address said that Pakistan offered one of the best rate of returns to the business companies and that the American companies could benefit from the liberal business and investment regime in Pakistan. She appreciated the idea of bringing the businesses of the two countries together and expressed hope that the Pakistan-USA Bilateral Investment Treaty (BIT) would be concluded to the satisfaction of both sides.
Salim H. Mandviwala Chairman of the Board of Investment, Pakistan said that in order to give consistency to the economic policies of Pakistan, the government had passed the Special Economic Zones Act due to which political changes of Pakistan would not affect the economic policies of the country.
Michael Delaney, Assistant USTR said that he was confident of the productive outcome of the initiative. He further said that US-Pakistan trade relationship never saw ups and downs and had always been mutually beneficial. Pakistan High Commissioner for UK Wajid Shamsul Hasan said that Government of Pakistan, its leadership and its people greatly valued their ties with the US and would like to pursue a program to broaden and further strengthen bilateral relations. He welcomed American investors to the growing market of Pakistan.
Ambassador Dan Feldman, Deputy Special Representative for Afghanistan and Pakistan emphasised that to increase the US investment to Pakistan it was essential to conclude the Bilateral Investment Treaty (BIT). He said that this bilateral conference was aimed at providing a vehicle of economic growth for Pakistan through trade, as increasingly the emphasis on aid as a tool of growth was diminishing. Secretary Commerce Munir Qureshi termed Pakistan's regulatory regime very conducive to the foreign business and investment companies and urged the US business persons to capitalise on this supporting environment.-PR