WASHINGTON: Pakistan’s Ambassador to the United States Masood Khan says database of Pak-US businesses will lead to exponential growth in bilateral trade and investment.
He made these remarks while talking to President and Chief Executive Officer of Business Council for International Understanding (BCIU) Peter Tichansky in Washington DC.
Underscoring the need for better networking among the business community of Pakistan and the United States, the Ambassador said work is in progress to establish a database of Pak-US businesses to promote business ventures from either side.
He said thousands of Pakistani Americans are investing in real estate, hospitality, healthcare, pharmaceuticals, diagnostics, medical transcription and billing and training of the work force and others.
Masood Khan said a strong interface between US business councils with Federation of Pakistan Chambers of Commerce & Industry (FPCCI), American Business Council (ABC) and Pakistan Business Council (PBC) will unlock new business ecosystems.
The Ambassador said while we should facilitate the existing businesses, we must encourage new enterprises to invest in the vast market of Pakistan and its neighbourhood.
Discussing Pak-US business relations, he highlighted the presence of renowned US companies in Pakistan which were undertaking profitable business ventures in the country.
Masood Khan especially highlighted the financial support being provided by Venture Capital Funds from the Bay Area to the whole range of Pakistani startups including FinTech, MedTech, EdTech, AgriTech, transportation networks etc.
The Ambassador said Pakistan’s economy is being digitized at an immense pace which has created huge opportunities for the business community in Pakistan and regionally.
He said the United States has launched ‘Green Alliance’ program in Pakistan that encompasses green energy, weather resistant high yield seeds, and promoting university to university partnerships.
Masood Khan said our two countries are cooperating in genetic engineering.
The Ambassador also observed that foreign direct investment (FDI) from the US must match full potential of our burgeoning economic partnership.
On the occasion, Peter Tichansky briefed the Ambassador about BCIU’s network and its activities across the globe. He said that BCIU believed in promoting commercial diplomacy and people-to-people exchanges to serve as the foundation of robust international understanding.
On BCIU’s facilitation in creating linkages between the business communities, the BCIU President said that 200 US companies were affiliated with the organization and were spread throughout the United States.
Meanwhile, Ambassador Masood Khan invited the President BCIU to take a delegation of US business community to Pakistan allowing them to witness the existing market potential and the available business opportunities.
He also offered all possible assistance of the Embassy of Pakistan and its Consulates in facilitating linkages with relevant trade bodies and business houses of Pakistan.
It is pertinent to mention here that BCIU offers commercial diplomacy services to the governments and leading organizations, from Fortune 100 companies to global investors and multilateral institutions. It promotes international understanding and expands global trade and commerce through a combination of dialogue and action.
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