US, Pakistan discuss business opportunities
Far from the madding crowds in Washington and Islamabad, nearly 50 companies from the US and Pakistan met in London to discuss business opportunities in a two-day conference co-hosted by the US Trade Representative, the Embassy of Pakistan in the US and the Ministry of Commerce of Pakistan.
According to a press release, officials attending the conference included Ambassador Dan Feldman, Deputy Special Representative for Afghanistan and Pakistan, Overseas Private Investment Corporation Vice President Robert Drumheller, and officials from the US embassy in Pakistan, along with members of the US Trade and Development Agency, US Agency for International Development (USAID), Asian Development Bank and International Finance Corporation.
Billed as the first bilateral business initiative between the US and Pakistan under the Pak-US Trade and Investment Agreement, Ambassador of Pakistan to US Sherry Rehman said that this conference was “an important first step in rebuilding the relationship and setting it on a more sustainable axis of enhanced economic ties.”
With participants including representatives of major companies such as Proctor and Gamble, JCPenny, Target and of Pakistani organisations such as the Dewan Group and MCB Bank amongst others, an official close to the conference said that its purpose was to get the private sectors to focus on the investment opportunities available in both countries.
The official said that a US company was also collaborating with Defence Housing Authority, Karachi to set up an 84 megawatts (MW) power project and a desalination plant that will provide 3 million gallons of clean drinking water to Karachi’s residents, and that the USAID project ‘Pakistan Private Investment Initiative’ was also formally launched at the conference.
However, security remained a concern for those wanting to invest in Pakistan, which an official said needed to be addressed effectively in order to attract foreign investment.
And while companies such as Proctor and Gamble are expected to continue investing heavily in Pakistan, Pakistan’s demand remains that the US fulfil its promise of providing preferential market access to its textile exports.
Published in The Express Tribune, October 7th, 2012.
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Opportunities for the "haves" only. US is not moved by Pakistan's poverty or energy crisis but feels the sufferings of a few badly upset by the power shortage. You pours don't worry our saviour frigate will reach to help you out soon.