Pakistan possesses a conducive environment for Foreign Investment – M. Akram Farid/There is a need to promote bilateral trade between US and Pakistan–Abdul Jabbar Memon

  • June 22, 2019
A senior level 2-member delegation of Islamabad Chamber of Commerce & Industry visited United State of America to explore new prospects for promoting Pakistan’s trade and exports with USA. Mian Akram Farid former President Islamabad Chamber of Commerce, Chief Employers’ Federation of Pakistan (EFP) Capital Office as well as Khalid Javed former President Islamabad Chamber of Commerce & Industry and former Chairman All Pakistan Re-Rolling Mills Association were in the delegation. During its tour of USA, the delegation visited Consulate General of Pakistan at Los Angeles and held at meeting with Abdul Jabbar Memon, Consul General.
Speaking at the occasion, Mian Akram Farid said that USA is an important trading partner of Pakistan as Pak-US bilateral trade was around $ 6.6 billion in 2018. However, he said that there was a great potential to further enhance two-way trade by further strengthening business linkages between the private sectors of Pakistan and USA. He said that the current government has a new vision to promote exports for reviving the economy and stressed that Consulate General of Pakistan in Los Angeles should help in exploring new avenues of promoting exports to USA. He said that Pakistani missions in US should work hard for more market access to Pakistani products in USA. At present there is a conducive environment in the country due to improved law and order situation, Mian Akram Farid said. Investors can focus on upcoming industrial zones and CPEC related fields especially Logistics, Tourism and hospitality industry, he exclaimed.
Mian Akram Farid drew attention of business community towards natural resources in the country including oil and gas exploration and others. To create a win-win situation for both countries there is a need of a Free Trade Agreement (FTA) between both sides. Islamabad Chamber of Commerce & Industry welcomes potential investors from USA and ready to facilitate in coordinating with Government Institutions like Board of Investment (BOI) etc. This Chamber can also facilitate for coordination between respective business groups from both sides, Mian Akram Farid added.
Khalid Javed said that Pakistan was emerging as an attractive market for foreign investors due to favorable demographics and a growing middle class and emphasized that more US companies should be persuaded to invest in Pakistan. He urged that Consulate General of Pakistan in Los Angeles should share trade and exports related information with Pakistani Chambers of Commerce & Industry so that business community of Pakistan could take advantage of potential opportunities for trade and exports with USA.
Addressing the delegation, Abdul Jabbar Memon, Consul General of Pakistan at Los Angeles thanked them for visiting US and hoped that their visit would help in identifying new areas of mutual cooperation between the businessmen of two countries. He assured that his Consulate General would provide all possible cooperation to the business community of Pakistan in exploring US market. He said that private sectors of both countries have to play key role in reshaping bilateral trade and economic relations between Pakistan and USA while his Consulate General would facilitate them in such pursuits. Shoaib Sarwar, Deputy Consul General Consulate General of Pakistan apprised the delegation that a multiple steps has been taken for Pakistani business community to raise and uplift business and trade in Pakistan.
Prominent businessman Shahid Nazir was also present at the occasion and expressed that bilateral trade was in the best interest of both countries.Pakistan delegation expressed their desire that USA based business magnates will be welcomed and facilitated so that mutual interest build up in this regard.