Lahore, July 04 (Online): Advisor to US President Dilawar Syed has said that the United States is Pakistan’s largest single-country export market and one of Pakistan’s largest sources of foreign investment. We must capitalize on that potential and nurture even greater and energetic economic ties.
He was speaking at the Lahore Chamber of Commerce & Industry on Monday.
LCCI President presented the address of welcome while Senior Vice President Mian Rehman Aziz Chan, Vice President Haris Ateeq, Regional Policy Lead, Europe, Central Asia, Pakistan Gaia Self and Political & Economic Section Chief of U.S. Consulate General, Lahore Kathleen Gibilisco also spoke on the occasion. The US Independence Day was also celebrated on the occasion.
Dilawar Syed said that we already have a strong base as more than 80 US companies in Pakistan. There is a need to further improve the business environment here as there is a huge potential of Pakistani products. He said that there is also a dire need to enhance dialogue at all forum. We hope Pakistan will continue implementing reforms to make it more attractive for global investors. He said that we are exploring concrete ways in which we can build on that relationship to benefit both of our countries.
“We must seize opportunity to boost commercial, economic ties”, he said adding that the US government is committed to grow US-Pakistan commercial and economic ties. He said that to capitalize the potential, Pakistan will have to make its supply chain more resilient. He considering the huge potential of Pakistan market and youth buldge, there is a vast scome further enhancement of trade.
He said that both the countries have decades-long history of economic partnership between the United States and Pakistan. He said that US-Pakistan trade and investment cooperation is an ongoing, essential part of our bilateral relationship. He said that there is a need to increase dialogue at all levels between the two countries. He said that the private sector of Pakistan should play a leading role to cement the mutual trade and economic ties and should establish most modern and hi-tech industries to get more share in the international trade.
Dilawar Syed said that United States continues to encourage Pakistan to improve the business climate to make it easier for US businesses to invest, operate, and create jobs. US companies can introduce new technologies and generate returns that translate into higher incomes for local workers and capital for additional investments. He said that varous US companies are already operational in Pakistan and are keen to develop their operations in collaboration with their Pakistani counterparts.
LCCI President Mian Nauman Kabir in his address wished the US guest Happy US Independence Day. “We feel honoured while celebrating with you, the Declaration of Independence ratified on this day in 1776 signed by John Hancock as the President of the Continental Congress.
Mian Nauman Kabir said that we always take pride when we see that our Pakistani Nationals are playing active role in US Society at almost all the forums.
The LCCI President informed the diplomat that Punjab contributes more than 50% to the national GDP and the population. This essentially means that the current macro-economic challenges like devaluation, inflation and trade deficit have a profound impact on the Economy of Punjab.
He said that the other potential areas where Pakistan and U.S. can enter into joint ventures are Agriculture Technology, Minerals & Mining, Pharmaceuticals, Leather, Light Engineering e.g. Surgical Instruments, Processed Food, Financial Services, Retail Sector, Poultry and Meat etc.
Mian Nauman Kabir said that the renewable Energy is another important area for industrial cooperation. We wish to start manufacturing of Solar Panels in Pakistan and it can be possible with the support of United States.
He said that the government has presented a growth oriented federal budget even in these difficult times when our Economy is confronted with steep and multi-dimensional challenges. However, we have conveyed to the Government that such steep increase in Taxation Target, mainly through indirect taxation would overburden the existing taxpayers if the new taxpayers are not added to share the burden.
Regarding the import ban, Mian Nauman Kabir said that that it would enable the government to deal the trade deficit temporarily but in the long run, Pakistan needs a concrete strategy of import substitution and export enhancement.
Mian Nauman Kabir mentioned that USA is the biggest export market for Pakistan in the world whereas it comes at 4th place among the top importing countries for Pakistan followed by China, UAE and Indonesia.
He said that American firms have a strong presence in Pakistan which are registered with American Business Council of Pakistan and American Business Forum. U.S.-Pakistan Business Council that is an affiliate of the U.S. Chamber of Commerce based in Washington, is another forum for American companies with business and investment interests in Pakistan.
There are hundreds of local firms that represent U.S. companies in the Pakistani market and they are growing well.
The LCCI President said that the leading U.S. companies doing business in Pakistan include Pepsi-Cola, Coca-Cola, General Electric International, Wabtec, Procter and Gamble, Honeywell, NCR, Teradata, Pfizer, Abbott Laboratories, DuPont, Oracle, Microsoft, Dell, 3M, IBM, McDonald’s, KFC, Pizza Hut, Domino’s Pizza, P.F. Chang’s, IHOP, D&B, Eli Lilly, Excelerate Energy, Enercon and Caterpillar etc. We attach a lot of value to their presence in Pakistan as they bring long latest management systems, generate new employment opportunities for our human resource and also ensure regular transfer of technology.
Mian Nauman Kabir said that Pakistani government is trying its best to deal with inherited issues including balance of payment crisis, economic slow-down, inflation, low tax to GDP ratio and depressed investment activities. We look up to you for seeking maximum assistance to overcome these challenges and bring the economy of Pakistan back to track.
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