Chairman US-Pakistan Business Council (USPBC) Miles Young said that right enabling economic policies will help bring more US investment to Pakistan that in turn will accelerate GDP growth. The USPBC Chairman was talking to LCCI President Farooq Iftikhar during a meeting at the Lahore Chamber of Commerce and Industry on Friday. The Executive Director USPBC Esperanza Jelalian also accompanied the Chairman.
Miles Young said that enabling policies coupled with strong partnerships will allow Pakistan to enhance governance and rule of law, which are critically needed to attract foreign investment. "Our mission is to enhance trade and investment between the United States and Pakistan and promote the bilateral economic and business relationship at the highest level of leadership in both countries."
The USPBC Chairman said that the USPBC would continue to encourage energy investors in US to make investment in Pakistan's energy sector so that the country could be able to overcome this problem it has been facing for the last many years. He said that Pakistan is in dire need of Foreign Direct Investment in its energy sector. "I am very much ambitious to boost trade and investment between the two sides."
Speaking on the occasion, the LCCI President Farooq Iftikhar informed the visiting delegation that energy shortage is one of the major impediments to Pakistan's growth; therefore, the United Stated to look into this area favourably. He urged the USPBC to support Pakistan over the issue of Pak-Iran gas pipeline which is critical to its economic growth. "The United States should come forward to play an instrumental role in taking Pakistan out of the challenging situation."
He appreciated the support and assistance of United States Agency for International Development in various projects initiated in Pakistan. He said Pakistan has remained in the forefront of war against terror, which badly hurt its economy, particularly the foreign investments. He criticised the foreign media's role in portraying negative image of Pakistan.
Farooq Iftikhar said that Pakistan's exports to US would get a new boost, if US enhances the scope of Generalised System of Preferences (GSP) scheme to textile products. "US is already the Pakistan's single largest export market taking almost 16 percent of our total exports but there is a greater need to take measures for further promoting Pakistan's exports under GSP scheme."
He said that the interest of US companies in investing in the energy sector of Pakistan will be of great benefit. Investment in power, oil and gas sectors and taking up exploration work of minerals, oil and gas at various potential spots in the country will help Pakistan fight its energy crisis. The presence of American and Nato forces in the areas of Iraq and Afghanistan can give Pakistani businessmen a chance to spread out their businesses by supplying food items like rice, pulses, vegetables, meat, chicken and fruits, etc, for these soldiers. Supply of clothing to the forces is a substantial business as well, along with the above-mentioned items supply of tents, leather shoes and other accessories will help the Pakistani business community in widening their economic activity.
"US forces have their bases in Central Asian States, South Korea, Saudi Arabia, Bahrain, Qatar and Middle East other than Iraq and Afghanistan. Therefore, catering to the needs of this large army can be a great way of developing newer markets for our products and earn colossal revenue." Overall, there is need for combined Pak-US efforts for joint ventures in the areas of health, education, agriculture, economic development, energy and exploration to be carried out in the country for a win-win situation for both Pakistan and the USA.