KARACHI: The ongoing political impasse will only add further uncertainty to the future outlook of the businesses, hence a speedy resolution is imperative to alleviate the growing concerns of the business community.
This was expressed by the participants of American Business Council (ABC) in the roundtable meeting of the year.
The participants said that the first half of FY 2014 had been good for business and majority of participants witnessed topline growth, now the political crisis should be resolved to end the concerns of business community.
ABC President Tauqir Ahmed welcomed the exchanges of views between American businessmen and the government on strengthening and improving the effectiveness of Intellectual Property Rights (IPRs).
He also lauded the efforts of the Finance Ministry to involve and consider the feedback of the private sector within the FY 14-15 budgetary process.
While these are steps in the right directions, ABC President also recognised the challenges facing American business in Pakistan. “Pakistan has an opportunity to grow its pharmaceutical industry, foster innovation, and create competition,” added Tauqir Ahmed.
Outgoing US Consul General Michael Dodman and new CG Brain Heath were also invited to the roundtable. Participants thanked Michael J Dodman for his support to the American business community and welcomed Consul General Brain Heath.
The members of the ABC also comprise of some of the most prominent business executives, managing among them the most prestigious businesses, in Pakistan, most of which are Fortune 500 companies.
ABC has 65 members with cumulative revenues of over US$4 billion and an investment of approximately $780 million. The ABC members contribute a sizable amount to the national exchequer every year as direct and indirect taxes – last year the contribution was Rs87 billion.
The ABC member companies employed over 42,000 persons directly who support 170,000 dependents and indirectly employ well nearly one million people with their agents, distributors, suppliers, contractors, etc.
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