ISLAMABAD: Pakistan and the US have huge potential to enhance bilateral cooperation in different sectors, especially technology transfer, renewable energy, healthcare and digital innovation.
This was stated by Coordinator to the Prime Minister on Climate Change Romina Khurshid Alam on Monday.
She was speaking at the fifth Pakistan-America Trade Summit.
Representatives from government and private sectors attended the summit along with traders and other stakeholders.
Ms Alam said the relationship between the two countries spanned over 70 years based on shared values and strategic cooperation. She recognized the US’s support for Recharge Pakistan Program.
US Chargé d’Affaires Baker said, “Your work in strengthening the business ties between the United States and Pakistan is very important to our bilateral relationship and to the prosperity of both countries.
“I have been asked to speak on how the U.S. Mission facilitates investment in Pakistan through diplomacy and policy advocacy. It’s a timely question, as Pakistan looks to move beyond the economic crisis and implement difficult but necessary structural economic reforms to realize a more prosperous future.”
Ambassador Blome and I believe that the United States is Pakistan’s indispensable partner in this endeavor. Our economic partnership has been a cornerstone of our bilateral relationship.
The United States remains Pakistan’s best trading partner. Let me tell you why. The United States is Pakistan’s largest export market globally – Pakistan sends around 16 percent of its total exports to the United States each year. Pakistan’s exports to the United States have grown substantially over the last decade. This is a testament to the robust economic relationship we share.
Similarly, U.S. investors have contributed enormously to Pakistan’s economic development. Right now, over 80 U.S. firms directly employ 120,000 Pakistanis and indirectly support the livelihoods of over a million Pakistani workers. These companies bring American values of openness, transparency, and responsible corporate citizenship. These businesses also drive critical research and development and provide new opportunities to local communities.
This economic relationship is important for the United States – that’s why we continue to invest in Pakistan.
We recognize Pakistan’s enormous potential. It is one of the world’s most populous countries, with a growing and dynamic young population.
In my engagements with Pakistan’s youth, I continue to be impressed by their ambitions, their ideas, their commitment to seeing a better and brighter future for their country.
That brighter future includes economic opportunities in technology, business, trade, climate resilience, and security. If Pakistan realizes its potential in these areas for growth and development, the result will not only benefit Pakistan, but also the region and the world.
We want Pakistan and its citizens to succeed and to become an economic powerhouse.
The U.S. Mission in Pakistan – which includes the Embassy in Islamabad and our consulates in Karachi, Lahore, and Peshawar – is committed to increasing two-way trade and investment to help Pakistan unlock these economic possibilities.
My colleagues in the Foreign Commercial Service, Foreign Agriculture Service, and on the economic teams throughout Mission Pakistan are conducting the day-to-day diplomacy to grow our business relationships.
My team works hard to connect U.S. and Pakistani businesses, assist U.S. investors in navigating the Pakistan market, and advocate for business climate improvements.
With senior leaders throughout the Pakistani government, we advocate for policies that will make it easier to invest and trade in Pakistan.
In our economic diplomacy, we have a secret weapon – all of you, the Pakistan-American community. Pakistanis abroad are not only innovative and entrepreneurial – they are committed to giving back to Pakistan.
Today, Pakistan is emerging from serious economic challenges and is looking to undertake difficult but desperately needed economic reforms. The United States will support Pakistan through this transition.
We believe that unlocking the potential of the private sector is pivotal to that effort and this includes the Pakistani business community abroad. We envision more Pakistani-American investment and trade with Pakistan. It is a natural role for you to play in securing a more prosperous future for all Pakistanis.
That’s why USAID launched the Pakistan Investment Promotion Activity in 2021. The project has organized Pakistan Investment Roadshows in Dubai, Riyadh, New York, San Francisco, and Washington, D.C., showcasing 48 companies that are now engaged directly with international investors.
Many of these investors are part of the Pakistani diaspora. Collectively, these initiatives have helped firms raise $13 million in foreign direct investment, while increasing U.S.-Pakistan bilateral trade by $41 million and generating $14.5 million in private sector investment.
We also look to Pakistan to bolster the U.S. economy through our SelectUSA program, which promotes foreign direct investment in the United States. In June, Pakistan sent a delegation to the SelectUSA Summit in Washington, DC.
The delegation included GharPar, a women-led online beauty company from Lahore that is redefining women’s economic empowerment. The company participated in a U.S. government funded entrepreneurship training program in 2016 and created approximately 1,000 jobs here in Pakistan.
SelectUSA is a valuable opportunity for companies like GharPar that are now looking to take their business to the next level by expanding operations into the United States. I hope all of you will consider participating in our next SelectUSA Summit on May 11-14, 2025, in National Harbor, Maryland.
I want to emphasize again that we in the U.S. Mission are here to help your businesses take advantage of these opportunities. All of you here today are uniquely positioned to make trade and investment happen and bring our countries closer together, creating a brighter future for both of our countries.
Other speakers also stressed the need to enhance collaboration between traders and investors to exploit the potentials of businesses in Pakistan.
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