It’s pretty evident that foreign investors have started taking interest in Pakistan following the drop in crime rates in the country. American’s small and medium enterprises (SMEs) are planning to invest in Pakistan, giving entrepreneurs a golden opportunity to launch Joint Venture (JV) with them, reveals Stephen P Knode, Commercial Counsellor of the United States.
“It will not only provide Pakistan entrepreneurs new technology and capital, but will also open new avenues for export of their products,” he said.
Interestingly, trade between the United States and Pakistan is experiencing an upward trend and exports from the US stood at $2.1 billion in FY16, while its shipments in the first five months of current fiscal year worth $1.3 billion, Knode said during a meeting with business community at the Faisalabad Chamber of Commerce and Industry (FCCI) on Thursday.
He stressed that the US is making its efforts in promoting trade relations under its commercial diplomacy.
“It is in this respect that offices of the commercial counsellor have been shifted from Islamabad to Karachi, which is the main hub of business and industrial activities followed by Faisalabad that contributes 20% to the national gross domestic product,” he said.
Moreover, the commercial service department of the US has stepped up in order to properly facilitate and guide new investors.
Over the last five years, Pakistan-US Business Opportunities Conference was being regularly organized. Last year, the conference was held in New York while in FY15, it was held in Islamabad.
He said, “This year, we expect to arrange it once again in Pakistan.” It is the first time that many Pakistani companies had opened their offices and retail outlets in the US and they are receiving full support by the US commercial service department.