On the second day of the 2-day Pak-US Bilateral Business Opportunities Conference in Dubai, Federal Minister for Privatisation, Khurram Dastagir, declared that promotion of IT was top priority of the new government. In an email message, Consulate General of Pakistan in Dubai said that the minister encouraged the participants to come up with concrete proposals and recommendations with respect to regulations required to be introduced.
He urged to indicate areas where deregulations were necessary. He informed the participants that the new government had decided to introduce paperless environment in three ministries/divisions ie PM Secretariat, Ministry of IT and Planning Division. Stephen Snyden, CEO of an IT company, informed the participants that Pakistan offers a congenial environment for investment in IT. He said that the workforce available in Pakistan was of international standards. He mentioned that the labour cost was half of the cost incurred in employing equally skilled workforce in India. A Pakistani business delegate in IT, Raza Saeed, apprised the participants that out of 500 million dollar advertisement market, only one percent ie 5 million dollar is being covered by online advertisement. So there is wide gap which can be covered through investment in this sector.
Earlier, the first session started with discussion on 'Access to the US Market' through the generalised system of preference. During discussion, Michael Delaney of the United States Trade Representatives(USTR) Office stressed on the need to diversification of Pakistan's export base and take full advantage of duty free export of goods under the scheme. Currently, Pakistan's exports under the GSP programme stand at 195 million dollars, which is 5 percent of Pakistan's total exports to the US. There is immense potential to increase this figure manifolds, he observed.
While agreeing with USTR point of view, Secretary Commerce Munir Qureshi pointed out the need for preferential treatment of Pakistan keeping in its peculiar position on account of immense losses incurred due to war on terror. He stressed that Pakistan may also be given similar treatment like LDC countries.
The session on textile was conspicuously vibrant with an active participation from the Chairman and members of All Pakistan Textile Mills Association (Aptma). They asked the USTR representative Michael Delaney to help project a softer image of Pakistan and assist Pakistan in attaining a better access to US Textile market.
Pakistan can exponentially increase textile exports to the US if given aforementioned status as the industry is geared up and ready, they added. Towards this purpose, a road show was proposed to be held this fall by the Aptma with active support of the Ministry of Commerce and USTR.
Former Ambassador Javed Malik stated that restoration of investors' confidence and creation of congenial investment milieu was top priority of the government of Pakistan. He ensured that the government would take comprehensive view of the economic situation and would take all possible measures to promote economic agenda. He pointed out that Pakistan is ranked amongst top emerging economies offering a great potential of business particularly in fast moving consumer goods.
He urged the participants to explore business prospects in the light of preferential treaties like SAFTA. James Fluker, Commercial Counsellor, endorsed Javed Malik views and observed that the business community optimistic about the new government capability to accelerate economic growth on fast track.