The United States says it wants to further enhance bilateral economic relations with Pakistan by inviting businessmen to come to the US and get the advantage of its expertise in different sectors. The US has long been Pakistan’s largest export market, importing more than $5 billion Pakistani goods that is surpassing any other country, said Nathan Seifert, Counsellor for Commercial Affairs, during his meeting on trade ties with Member Board of Investors and former convener of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) for Pakistan, Afghanistan and Central Asia, Shahid Khan Shinwari.

The two sides discussed Pakistan-US trade ties and exchange of visits of Pakistani businessmen to the US to have business-to-business meetings with different US companies for extending trade ties and to get benefits from the US expertise in the field of business. The diplomat said the US works closely with Pakistan on a wide array of issues ranging from energy, trade and investment, health, clean energy and combating the climate crisis. He said the US has been one of the largest sources of foreign direct investment (FDI) in Pakistan and remains Pakistan’s largest export market.

He said the trade and investment relations between the US and Pakistan continue to grow and the US government supports this relationship by organising business-to-business trade delegations, providing technical assistance, and promoting business opportunities for US companies to develop US-Pakistan commercial partnerships. “For more than 70 years, Pakistan has been an important partner, and that is why we want that the businessmen of Pakistan should come up to various trade expos for interaction with various US companies for expanding their business sphere. Such direct communications with companies based in the US would help them learn more about expanding their businesses,” he said.

The US diplomat said Pakistan is the fifth largest country in the world with regard to population and ranked as the 44th largest economy in 2022 according to the IMF estimates. He said the US has also been a leading investor in Pakistan for the past 20 years. In the most recent fiscal year, the US direct investment in Pakistan increased by 50%, and it is now the highest in over a decade. Major US investments are concentrated in consumer goods, chemicals, energy, agriculture, business process out-sourcing, transportation, and communications.

The US has sought to deepen commercial ties with Pakistan, including through engagement by senior officials from the US Department of Commerce, the Department of State, and the US International Development Finance Corporation (DFC) with Pakistani leaders. However, Nathan said, Pakistan’s business climate has areas that need to be strengthened, including regulation, intellectual property protection, and taxation. The US continues to work with Pakistan to achieve business climate enhancements. Nathan said it is a good opportunity for Pakistani businessmen to visit and interact with leading companies of the world and through that way it would help Pakistan and the US to deepen trade ties.

Credit : Independent News Pakistan-WealthPk