pakistan
Friday Dec 11 2020
By
Web Desk

Pakistan-United States explore trade and investment opportunities

By
Web Desk
Photo: Screengrab
  • Both countries are aggressively exploring and facilitating trade and investment opportunities
  • Since 2018, US corporations have announced plans for more than $1.5 billion of direct investment in Pakistan
  • Bilateral trade between the two countries was valued at $6.6 billion in 2019


ISLAMABAD: Pakistan's Ambassador to the United States Dr Asad M Khan said the PTI government wants to increase US corporate presence in the country. 

Khan was speaking at a virtual event "Explore Pakistan: Preparing for a post-COVID economy" arranged by the US-Pakistan Business Council (USPBC) on Thursday. The third event in the "Enhancing Business environment and promoting industrial growth in Pakistan" virtual series. 

Federal Minister for Industries and Production Hammad Azhar and  Chargéd’ Affairs at the US Embassy in Islamabad Angela Aggeler also spoke at the session. 

Read More: US to give $21mn to Pakistan to support COVID-19 affected economy: Pak envoy Asad Majeed

Read more: Pakistan's exports to US cross $400m in a month for the first time

Azhar said Pakistan is determined to explore and diversify supply chains and is looking for more growth opportunities, particularly to overcome the impacts of the pandemic. "We are committed in our resolve to remove all bottlenecks to unleash the tremendous potential of investment and trade opportunities in Pakistan.”

Khan added that both Pakistan and the US have agreed to work together to aggressively explore and facilitate American corporate expansion in the country.

Aggeler highlighted that the bilateral trade between US and Pakistan was valued at $6.6 billion in 2019, making the US the largest export market for Pakistan.

"Pakistan is also a growing market for US businesses," she continued. "Since 2018, US corporations have announced plans for more than $1.5 billion of direct investment in Pakistan.”

Read this too: Many US companies are willing to enhance investment in Pakistan

During the meeting, it was also revealed that Pakistan’s exports to the United States hit record levels in October ($430 million) and November ($437 million), showing that US-Pakistan trade is sustaining jobs at a critical time.