LCCI stresses on more Pak-US economic cooperation

US embassy making efforts to highlight Pakistan’s economic potential, commercial counsellor.


Our Correspondent January 31, 2012

LAHORE: Pakistan’s economy is going to get better in a few years as misperceptions about the country are fast fading out, US Embassy Commercial Counsellor Brian McCleary said on Tuesday.

McCleary, during his visit to Lahore Chamber of Commerce and Industries (LCCI) admitted that there exists a vast potential in Pakistan to become a developed economy but it is only suffering because of lack of technology. He added that the US was keen and taking all possible measures to remove the hurdles coming in the way of expanded Pak-US economic relationship.

During his hour-long meeting at the LCCI, McCleary said that the embassy in Pakistan was making all out efforts to highlight Pakistan’s potential so that the US businessmen could invest in sectors of their choice.

McCleary said that Pakistani entrepreneurs were very creative and were already doing well on the international horizon.

“We all need to do a better job collectively to create more success stories and the embassy is ready to extend cooperation,” he added.

Speaking on the occasion, LCCI Vice President Saeeda Nazar said that the chamber stressed the need for exchange of business delegations between the two sides to strengthen Pak-US economic relations.

She said that a Free Trade Agreement between Pakistan and the US is of utmost importance and the US policy makers should give some attention towards this particular area. She also informed McCleary that LCCI was planning a sector specific delegation to visit the US in the month of May, to take part in International Franchises Expo.

The LCCI vice president further added that the US should help Pakistan overcome the power-shortage issue. She said that US businessmen should invest in Pakistan as it is not only a huge market of 180 million people, but is also a gateway to landlocked Central Asian countries and Afghanistan.

Nazar said that Pakistan’s exports to the US range from $3.9 billion to $3.7 billion, making it our biggest trading partner. “We do have capacity to increase this level to more than $5 to $6 billion but it requires not only greater access to US market but also some transfer of technology,” she said.

She said that Reconstruction Opportunity Zones and Bilateral Investment Treaty can help address the problems facing Pakistan’s economy. “We seek greater attention of US Investors especially in the wake of serious shortage of direct foreign investment in our country,” she said.

The LCCI vice president added that the quality of Pakistani products is far better than others and the prices are also very competitive. “The US must pay some special attention towards Pakistan which is considerably contributing to US economy," she said.

COMMENTS (2)

Harry Stone | 9 years ago | Reply

One would hope this cooperation works out better than the so-called cooperation on terrorism.......

Cautious | 9 years ago | Reply

The reality is that Pakistan doesn't make anything that the USA can't readily find in other countries without all that anti American rhetoric. For example - what does Pakistan bring to the table that the USA can't find in Bangladesh - last I looked Bangladesh exports to the USA were approaching 5 Billion so they must be doing something right.

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