Pakistan invites New York firms to expand in South, Central Asia by offering investment incentives

Pakistan has extended an invitation to New York-based businesses to invest in the South and Central Asian regions, highlighting the country’s strategic location and offering various incentives to foreign investors.

The announcement came after a meeting between Pakistan’s Ambassador to the US Rizwan Saeed Sheikh and Mark Jaffe, Head of the Greater New York Chamber of Commerce.

Pakistan is positioning itself as a key trade and transit hub in South Asia, especially for landlocked Central Asian nations seeking access to global markets via Pakistan’s ports. This move aligns with the country’s efforts to bolster trade relations with its neighbours and beyond.

Ambassador Sheikh stressed Pakistan’s liberal investment regime and its strategic geographic advantages during the meeting, emphasising that New York businesses could benefit from expanding into South and Central Asia. "Pakistan’s geographic location offers tremendous potential for businesses looking to grow in this region," he said.

Jaffe expressed interest in sectors such as textiles, leather, surgical instruments, and information technology, noting that these industries were key areas of focus for New York investors.

Ambassador Sheikh also took the opportunity to discuss the advantages of Pakistan's trade agreements, including its Generalized System of Preferences Plus (GSP+) status with the European Union and the Free Trade Agreement with China, both of which can provide significant benefits for foreign businesses.

He also highlighted the success of Pakistan’s 5th International Textile and Leather Exhibition 2024, held in Karachi, and invited the chamber to participate in next year’s 4th Engineering and Healthcare Exhibition in Lahore.

As Pakistan grapples with a fragile economy facing a balance of payments crisis and high inflation, strengthening trade and investment relations remains a key priority.