Lahore, April 03, 2015 (PPI-OT): There is a great potential for stronger economic and trade ties between United States and Pakistan and both countries can play vital role to further enhance bilateral trade in future.
These views were expressed by the U.S Consul General Zachary Harkenrider while addressing a meeting at the Lahore Chamber of Commerce and Industry on Friday. LCCI President Ijaz A. Mumtaz, Senior Vice President Mian Nauman Kabir and Vice President Syed Mahmood Ghaznavi also spoke on the occasion.
The US diplomat said that a large part of US assistance to Pakistan is focused on energy as it is alive to the issue. He said that the US government is committed to help solve the economic challenges being faced by Pakistan.
He said that it is a happy sign that the private sector in Pakistan is doing well despite a number of challenges.
Speaking on the occasion, the LCCI President Ijaz A. Mumtaz said that US Consulate was playing commendable role in developing working relations with various segments of the society in general and business community in particular.
Ijaz A. Mumtaz urged the US Consulate to start the visa processing facility at US Consulate Lahore Office as Lahore based business community has to go to Islamabad for obtaining visa from US Embassy while US Consulate Karachi is processing visas.
He said that USA has been a very important trading partner of Pakistan since decades. Regarding top exporting and importing countries; the USA comes at 1st and 8th places respectively. He said that Pakistan exported to the tune of US$ 3.75 billion and imported goods worth US$ 1.67 billion from USA in 2013.
The LCCI President said that there are very few countries against whom Pakistan experiences favourable balance of trade. USA tops this list with a total worth of US$ 2.1 billion.
He said that considering the role, Pakistan has been playing for USA in various fields; Pakistan business community expect to have greater access to US market.
Ijaz A. Mumtaz said that Business to Business contacts hold key to exploit the untapped potential of trade. For that matter, frequent exchange of trade delegations was very important.
He said that last year, a trade delegation from Lahore Chamber visited US and the delegates had successful meetings with their American counterparts. He said that visits of delegations from US to Pakistan on reciprocal basis could play important role to increase the mutual trade.
The LCCI President said that Pakistan is currently facing challenges in retaining FDI as well as attracting new investors to focus Pakistan for investments. He urged the US Consulate to play a positive role to promote investment in Pakistan.
He said that the role of USAID in Pakistan is appreciable and it can also be taken as a model by the US based investors.
Transfer of technology is another way to improve the current situation. The interaction of Chambers of Commerce and Industry of the two countries can be instrumental in this connection.
For more information, contact:
Lahore Chamber of Commerce and Industry (LCCI)
Lahore -54000, Pakistan