Daily Times

ISLAMABAD: Prime Minister Nawaz Sharif Thursday asked the US-Pakistan Business Council to play its role in urging the US lawmakers to allow preferential market access to Pakistani goods.

Addressing the US-Pakistan Business Council (USPBC) Business Delegation at the Prime Minister’s House during a luncheon meeting, the prime minister expressed confidence that the council would also continue to play an active role in sharing with the larger US business community, positive experiences of doing business with and investing in Pakistan. He said the Pakistani nation was now on a course of realising its true potential as a democratic country with strong institutions and a vibrant economy. He said Pakistan was among the few places in the world that offers the promise of resources, geography and people, all at the same time.

Increasing urbanisation, favourable demographics, a growing middle class and economically empowered women and youth are some of the key drivers of the growth. Nawaz said Pakistan also has one of the most attractive investment regimes in the world, which allows foreign investors 100% repatriation of profits and easy convertibility into foreign exchange. He said Pakistan believes the private sector to be the engine of economic growth and consider foreign investment as a necessary catalyst for creating more economic opportunities. “We believe that a vibrant private sector is essential to a government’s ability to provide the best possible services to its citizens,” he said.

“My government is committed to providing an enabling environment, sustained by institutional structures that facilitate and allow the private sector to flourish,” he added. The prime minister mentioned the recently launched $46 billion China-Pakistan Economic Corridor and said it was a mark of growing confidence in Pakistan’s economy and its future potential. This programme will spur regional economic integration and bring prosperity to the entire region and beyond, he said, adding that the United States remains one of the most important economic and trading partners of Pakistan.

He said leading US companies have invested billions of dollars in Pakistan and are making healthy profits. He said the past testifies to the fact that those US companies that invested in Pakistan did reap rich dividends. The future promises to be even better. The delegation comprised US-Pakistan Business Council Chairman Miles Young, Mehmood Khan, Vice Chairman, and the US Ambassador to Pakistan David Hale. The 14-member delegation comprised US businessmen, executives, investors, and industry leaders. The prime minister said the US Chamber of Commerce epitomises American enterprise and dynamism.

He said through the US-Pakistan Business Council, the Chamber has been a close and trusted partner of Pakistan and has made commendable efforts to promote business-to-business collaboration between Pakistan and the United States. He said it has in the process further strengthened relations between the two countries. He particularly thanked Chairman Miles Young and his team for their efforts in this regard and expressed confidence that the visit will go a long way in opening up new avenues for trade and investment flows between Pakistan and the United States.

Nawaz reaffirmed his commitment to this enduring partnership which, he said, has worked so well for the two sides in the past, and promises even richer dividends in the future. He said Pakistan and the United States have been partners and close allies since its independence in 1947. He said besides the close bilateral relationship between the two countries in the political sphere, the two countries, over the years, have forged an equally impressive economic partnership. The US has been, and remains, one of the major sources of investment in Pakistan, he said and added it was also a key market for Pakistan’s merchandise exports.

Nawaz said Pakistan was a vibrant country of 180 million enterprising and hardworking people and mentioned the multi-faceted and daunting challenges that the country faces. He, however, regretted that it was not reported as accurately, saying significant strides have been made in addressing these challenges. Referring to Pakistan’s internal security situation, the prime minister said it was a prerequisite for an environment conducive to growth, and said it has registered impressive improvement. He said it was also true for governance and public service delivery. The prime minister said Pakistan’s robust macroeconomic indicators speak for themselves.

“Having suffered the ravages of terrorism for years, we, as a nation, have decided to put an end to it, whatever the cost. Our comprehensive counter-terrorism operation, Zarb-e-Azb, is yielding encouraging results. The year 2015 witnessed the lowest number of terror attacks since 2007. We will make every effort that this trend continues to its logical conclusion,” Prime Minister Nawaz said.