The FINANCIAL — The U.S. Chamber of Commerce’s U.S.-Pakistan Business Council (USPBC) hosted Pakistan Prime Minister Muhammad Nawaz Sharif October 21, spotlighting the bolstered economic relationship between the two nations coming off a reinvigorated U.S.-Pakistan Strategic Dialogue earlier this year.
“We are honored to host Prime Minister Sharif for his second official visit to the United States,” U.S. Chamber Executive Vice President and Head of International Affairs Myron Brilliant said. “This meeting highlights the strategic relationship our two economies have, and the Chamber is committed to supporting both governments in their work to deepen bilateral economic, trade and investment cooperation.”
The United States is Pakistan’s largest trading partner, with two-way trade at $5.1 billion and 16% of Pakistan’s exports going to the U.S. in the last year. The United States also remains one of the top sources of foreign direct investment to Pakistan, according to IFC.
“American companies have long seen value in Pakistan’s geographic proximity to regional markets and resources, its large base of domestic consumers, and its vibrant workforce,” said P. Miles Young, USPBC Chairman and Worldwide Chairman and CEO of Ogilvy & Mather. “USPBC will continue to actively work with Prime Minister Sharif’s government to advance the bilateral economic relationship, as we are committed to help bridge the gap between U.S. investor interest and actual investments on the ground.”
“Enhancing the business environment, advancing regulatory reform and structural reforms, and implementing the government’s reform agenda are seen as necessary to attract more investment in Pakistan,” Young said. We also remain hopeful that both governments can re-establish negotiations on a bilateral investment treaty (BIT), which would undoubtedly give greater confidence to potential investors.