Envoy invites US to capitalise on CPEC

The Pakistan government is committed to strengthening democratic institutions and stabilising the economy, Ambassador Rizwan Saeed Sheikh said in Washington on Thursday.

Speaking at the "Ambassador Insider Series," hosted by The Washington Diplomat, he highlighted Pakistan's economic recovery, citing a sharp decline in inflation from 38% in May 2023 to 4.1% in December 2023 as evidence of effective policies.

Attended by US think-tank members, Capitol Hill staffers, academics, and media representatives, the event focused on Pakistan's economic and trade potential. Sheikh emphasised Pakistan's growing IT sector, noting that the country is the second-largest contributor to IT freelancing worldwide, behind only the United States. He highlighted Pakistan's competitiveness in IT outsourcing and its strong manufacturing base in sports goods and surgical instruments.

"The United States remains Pakistan's largest trading partner. Expanding economic diplomacy and strengthening commercial linkages is my foremost priority," he stated, underscoring the stability of US-Pak trade relations.

On investment, he said Pakistan is prioritising export-oriented, self-sustaining projects to avoid past foreign exchange challenges. He invited American companies to explore Pakistan's trade incentives, citing multinational firms like Procter & Gamble, PepsiCo, and Nestlé that have benefited from the country's economic positioning.

Discussing the China-Pakistan Economic Corridor (CPEC), Sheikh called it a transformative project connecting China with the Persian Gulf and African markets, reiterating that Pakistan is open to US participation.

Addressing regional security concerns, he reaffirmed Pakistan's commitment to combating terrorism and securing its porous borders. He noted Pakistan's historical role as both a frontline state and a victim of terrorism, particularly due to the legacy of militancy from the Afghan war era.