New York Chamber eyes textile, leather, IT sectors

Greater New York Chamber of Commerce head Mark Jaffe on Friday expressed strong interest in Pakistan's textile, leather, surgical and IT sectors in a meeting with Pakistan's Ambassador to the US Rizwan Saeed Sheikh.

They discussed initiatives aimed at boosting bilateral trade and investment between New York and Pakistan, according to a press release issued by Pakistan's embassy.

Jaffe, who is president and chief executive officer of the chamber, outlined efforts to promote trade and investment between New York and Pakistan and committed to disseminating information about Pakistan's upcoming trade events to the chamber's extensive network. Ambassador Sheikh appreciated the chamber's ongoing collaboration with the Consulate General of Pakistan in New York and Jaffe's support and interest in the 5th International Textile and Leather Exhibition (Texpo) 2024 held in Karachi last month.

He invited the chamber to participate in the upcoming 4th Engineering and Healthcare Show scheduled to take place in Lahore in April 2025. During the meeting, the ambassador highlighted the pivotal role of Pakistan's Special Investment Facilitation Council (SIFC) in fostering investment across multiple sectors.

He underscored Pakistan's liberal investment regime, strategic geographical location and incentives for foreign investors, emphasising the benefits for New York businesses seeking to expand their footprint in South and Central Asia. He noted that the EU's Generalised Scheme of Preferences Plus (GSP+) status for Pakistan and the free trade agreement (FTA) with China provide added advantages for investors.

"Both sides concluded the meeting with a shared resolve to strengthen collaboration and further promote trade ties between New York and Pakistan," the press release added. Sheikh also held an interactive meeting with New York-based investment bankers, IT professionals and business leaders at the Consulate General of Pakistan, the statement said.

Consul General Aamir Ahmed Atozai and Trade and Investment Counsellor Adnan Mahmood Awan were present in the meeting.

The ambassador underlined Pakistan's commitment to fostering a business-friendly environment and SIFC's key role in promoting investment.

He briefed them on Pakistan's investment policies and encouraged New York-based businesses to explore the South Asian nation as a strategic base for expanding operations in the region.

During the interactive session, participants expressed strong interest in exploring investment opportunities in Pakistan while highlighting the challenges faced in business dealings.

The ambassador assured them of support from the embassy and consulate, offering to facilitate connections with relevant partners and stakeholders. The trade and investment counsellor briefed the participants on investment opportunities, covering key sectors such as IT, agriculture, mining and tourism. He highlighted the numerous incentives offered by Pakistan to attract foreign investment.