FAISALABAD. Pak-American bilateral trade is increasing at a steady pace as American exports stood at 2.1 billion dollars during 2016 while its volume during first five months of this calendar year is 1.3 billion dollars, said Stephen P. Knode, Commercial Counselor United States of America.
He was addressing a meeting of business community in Faisalabad Chamber of Commerce and Industry (FCCI) here.
He said that America is trying its best to promote bilateral trade under its commercial diplomacy. “It is in this respect that the offices of Commercial Counselor have been shifted from Islamabad to Karachi as Karachi is the main hub of business and industrial activities followed by Faisalabad which is contributing 20 percent towards national GDP”, he added.
He said that the US commercial service department has intensifies its efforts to provide guidance and facilitation to the new investors. He told that during last five years, we are regularly organizing “USA-Pakistan business opportunities conference.” Last year, this conference was held in New York while it was organized in Islamabad in 2015.
“This year we are expecting to arrange it once again in Pakistan”, he said and added that it is for the first time that many Pakistani companies had opened their offices and outlets in America and US commercial service department is fully helping them. He told that American SME sector was also trying to invest in Pakistan and Pakistani entrepreneurs should select one of them to launch joint ventures. “It will not only provide them new technology and capital but also open new avenues for the export of their products.
Responding to a question, about the challenges faces by the American companies in Pakistan, he said that these are the same as already experienced by the Pakistani investors. These include energy shortage, labor and security challenges etc. He told that “Invest in America Summit” was organized last month in which many Pakistani companies also participated. Similarly both countries will also exchange at least twenty trade delegations this year which will enhance understanding and better interaction between the businessmen of two countries. Mr. Stephen said that he will also remain in touch with federal and provincial governments and municipal institutions to facilitate the new investors.
He also assured that steps are being taken to enhance greater access to Pakistani products in the US markets. He further told that the outlets of Pizza Hut in Pakistan are also being increased for 75 to 150. He asked Pakistani investors to exploit the investment opportunities available in America as US commercial service department was fully prepared to facilitate them.
Earlier, in his address of welcome Acting President FCCI Rana Sikandar-e-Azam said that Faisalabad Chamber is the third premier Chamber of Pakistan. “It is an apex elected body of the business, trade and industrial community of Faisalabad that has 5000 members within its fold from almost all segments of the economy”, he said and added that its economic strength is SME sectors and due to its continues contribution, it is considered as the third fastest growing city of the country. He said that Pakistan and US have been enjoying friendly relations despite of political upheavals during last six decades. He further told that in fiscal year 2016 bilateral trade stood at US $ 5.72 billion that was in favor of Pakistan.
Pakistan exported US$ 3.62 billion worth of goods to USA while USA’s exports to Pakistan stood at US$ 2.10 billion. “We have capacity to increase this level that requires not only greater access to US markets but also transfer of technology”, he added. He said that current global recession is affecting Pakistan’s ability to increase its exports and investment inflows, hence USA should review its Trade policy towards Pakistan and consider cutting tariffs on Pakistani textiles enabling it to compete in the American markets as compared to those developing countries that benefit from US tariff-reducing preference programs”, he said and added that we expect further preferences from US Government under its GSP program and Trade & Investment Framework Agreement (TIFA).
Earlier, a documentary on Faisalabad was also screened while Engineer Rizwan Ashraf, Suhail Bin Rasheed and Mirza Tauseef Ahamd participated in the question-answer session. Later, Rana Sikandar Azam SVP FCCI, presented FCCI shield to Mr. Stephen P. Knode, Commercial Counselor of the U.S.A. Similarly, former president FCCI Khalid Habib Sheikh and Engineer Rizwan Ashraf presented FCCI mementos to Miss. Ann L Mason Political and Economic Chief and Mr. Andrew Doehler Economic Officer of the U.S. Consulate General, Lahore.
