The US Consul General in Karachi Grace Shelton has said that the US government is committed to Pakistan's private sector and economic growth. She was talking to media persons during her visit to Pakistan Stock Exchange (PSX) here on Monday. It was her first visit to the PSX. The US Consul General participated in the gong ceremony(ringing the bell) at PSX. She also held a meeting with PSX's board of directors, led by Chairman Muneer Kamal and Managing Director Nadeem Naqvi.
She said the US is already the biggest marker for Pakistani exports. The US is also a significant source for foreign direct investment in Pakistan. The bilateral trade between the two countries has increased to $5 billion during fiscal year 2015, she added. She said Pakistan Stock Exchange is a symbol of Pakistan economic growth. She said the MSCI has upgraded Pakistan Stock Exchange from frontier market to emerging market.
The inclusion of Pakistan Stock Exchange in MSCI Emerging Market Index recognises the importance of the PSX as a bourse in the region, she added. She appreciated the efforts of the board of directors of the stock exchange for promoting dialogue with the other regional stock exchanges. "Both the countries benefit with increased economic and commercial ties and we have joint interest in Pakistan's economic growth", she said. On this occasion, the managing director of Pakistan Stock Exchange Nadeem Naqvi said that the US has a big share not only in FDI but also in foreign portfolio investment in Pakistan's capital market. All the major US investment houses have invested huge amount in Pakistan's capital market. He said that 30 percent of the total free float is in the hands of foreign investors and the US investors have the biggest share in it.