LAHORE, (UrduPoint/Pakistan Point News – July 4, 2022): United States Special Representative for Trade and Commerce Dilawar Syed said on Monday that the United States is the largest export market in a Pakistan’s only country and one of Pakistan’s largest sources of foreign investment.
Speaking to business people here at the Lahore Chamber of Commerce and Industry (LCCI), he said, “We need to capitalize on this potential and have even bigger and stronger economic ties.” LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan, Vice President Haris Ateeq, Head of Regional Policy, Europe, Central Asia, Pakistan Gaia Self and Head of Political and Economic Section of the Consulate General of the United States, Lahore Kathleen Gibilisco also spoke. Independence Day of the United States was also celebrated at the ceremony.
Dilawar Syed said, “We already have a strong base with over 80 American companies in Pakistan. There is a need to further improve the business environment here as there is huge potential for Pakistani products.” He said there is also an urgent need to improve dialogue in all forums. “We hope that Pakistan will continue to implement reforms to make it more attractive to global investors. We are exploring concrete ways to strengthen this relationship for the benefit of both our countries. We must seize the opportunity to strengthen trade ties and economic,” he said. maintained.
He said Pakistan should make its supply chain more resilient. Given the huge potential of the Pakistani market and the youth bulge, there is vast scope for improvement in trade. He said the two countries had decades of economic partnership and their trade and investment cooperation was an ongoing and essential part of our bilateral relationship, the US representative added.
He said there was a need to intensify dialogue at all levels between the two countries, suggesting that Pakistan’s private sector should play a leading role in cementing mutual trade and economic ties and should establish most of the modern and high-tech industries to get more share in international trade.
Dilawar Syed said the United States continues to encourage Pakistan to improve the business climate to facilitate investment, operation and job creation by American companies. American companies could introduce new technologies and generate returns that translate into higher incomes for local workers and capital for additional investments.
He said various US companies were already operational in Pakistan and keen to expand their operations in conjunction with their Pakistani counterparts.
LCCI President Mian Nauman Kabir wished the American guest a happy Independence Day of the United States. “We feel honored to celebrate with you the Declaration of Independence ratified this day in 1776 and signed by John Hancock as President of the Continental Congress. We are always proud to see our Pakistani nationals playing an active role in American society. almost every forum.” He said potential areas where Pakistan and the United States could establish joint ventures were agricultural technology, minerals and mining, pharmaceuticals, leather, light engineering, surgical instruments, processed foods, financial services, retail sector, poultry and meat, etc.
Mian Nauman Kabir said renewable energy was another important area for industrial cooperation. “We want to start manufacturing solar panels in Pakistan and it can be possible with the support of the United States.
He said the government delivered a growth-oriented federal budget even during these trying times when our economy was facing tough and multidimensional challenges. However, we have advised the government that such an increase in the tax target, primarily through indirect taxation, would overburden existing taxpayers if new taxpayers are not added to share the burden.
Regarding the import ban, Mian Nauman Kabir said that it would allow the government to temporarily address the trade deficit but that in the long term, Pakistan needs a concrete strategy of import substitution and improvement of exports.
LCCI Senior Vice President Mian Rehman Aziz Chan said the visit of US Special Representative for Trade and Commerce Dilawar Syed to Pakistan was of utmost importance as it will be helpful in promoting bilateral investment. and will also strengthen economic ties between Pakistan and the United States.
LCCI Vice President Haris Ateeq also hoped the visit would improve business-to-business interaction between the two countries. There is a need to organize business conferences in the United States and Pakistan where entrepreneurs from both countries could work on joint projects. It is a good development that over the past two years, Pakistan’s exports to the United States have witnessed an increase, especially in the textile sector, he added.