The US-Pakistan total trade in goods is up by nearly 20 percent since 2013, reaching nearly $6.4 billion in 2017. During the same time US exports to Pakistan are also at an all-time high and up by 70% over the same period.
This was stated by the Deputy Assistant Secretary for Asia Diane Farrell, Acting Director of Investment Services Helen Hwang, and other officials, while talking to a delegation led by President FPCCI Ghazanfar Bilour.
US remains the largest export destination for Pakistan and a major source of foreign direct investment while Pakistan remains an attractive market for some US companies due to favorable demographics and a growing middle class, they said. The US has always helped Pakistan overcome challenges and its stability is important for the region.
The US Department of Commerce recognized Pakistan as an important market, with great potential to grow its economy in the near term. Trade has become an important tool to forge good relations and Pakistani investors are encouraged to explore investment opportunities in the U.S.
There are some trade and investment barriers that limit the ability of US companies to enter the market and grow their businesses in Pakistan which should be considered, they added.
The officials of the commerce department welcomed FPCCI to ink agreements with different chambers of commerce and invited Pakistani business community to participate in the “The Select USA Investment Summit” from June 10-12, 2019 in Washington D.C., which was accepted.
At the occasion, President FPCCI Ghazanfar Bilour said that US should consider establishing Reconstruction Opportunity Zones (RoZs) in FATA to overcome militancy.
He said that Pakistan’s economy is taking off and that “we want the US to become an important partner in the journey to growth and development. The business community of both the countries should play their role to reshape bilateral relation.”