KARACHI: US Ambassador to Pakistan Richard G Olson has said that his country is committed to supporting Pakistan in its journey to achieve long-term self-sufficiency, adding that it is a positive sign that the two countries are moving from “an assistance-based relationship to one based more on trade and investment”.
He said this while speaking to the managing committee and members of Overseas Investors Chambers of Commerce and Industry (OICCI) on Wednesday.
Olson added that the US is collaborating with Pakistan to achieve growth and build a foundation for commercial success by building business ties and industry capacity, supporting Pakistan’s young entrepreneurs. In addition, they will also address some of the challenges that have slowed the pace of economic growth in Pakistan.
The Ambassador said that he was impressed by the achievement of the OICCI members, who account for more than 14% of GDP and 33% of Pakistan’s total tax receipts.
“We are proud that the US is both Pakistan’s largest trading partner and one of its largest investors. In 2013, two-way trade totalled more than $5 billion and US companies have invested $1.3 billion in the Pakistani economy in the last seven years,” he said.
The Ambassador also spoke about the October meeting of the Economic and Finance Working Group, an element of the Strategic Dialogue, led by Under Secretary for Economics, Energy, and Business Catherine Novelli and Finance Minister Ishaq Dar.
The working group focused on the concrete steps both countries are taking to improve trade and investment ties, such as the joint announcement of a US-Pakistan Economic Partnership Week in early 2015.
OICCI Vice President Atif A Bajwa said that being the collective voice of leading 200 foreign investors OICCI has played a key role in facilitating foreign direct investment (FDI) by sharing investment climate and opportunities for potential investors in Pakistan.
Bajwa expressed his concern on the declining position of Pakistan in the World Bank’s (WB) Ease of Doing Business, which needs remedial action to allow Pakistan to achieve its growth potential.
He appreciated the positive support of the US government for Pakistan over the last six decades, the contribution of the US corporate to the economy of Pakistan and the potential for further enhancement of trade.
Published in The Express Tribune, December 4th, 2014.
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Muslims, Muslim Countries are in trouble since very very long, Ir Pakistan is one of that, with abundant natural resources, Rich Agriculture, Very rich population, Ir Pakistan can do miracles for Pakistan and World of Islam, with powerful honest faithful well-known leader Imran Khan has come to Pakistanis a gift from havens, Go Nawaz Go
'US Ambassador to Pakistan Richard G Olson has said that his country is committed to supporting Pakistan in its journey to achieve long-term self-sufficiency, adding that it is a positive sign that the two countries are moving from “an assistance-based relationship to one based more on trade and investment”.'
A polite way of saying that despite the 2 week trip by COAS, no further aid from US is forthcoming.