ISLAMABAD, 9 August — A US, Pakistan business council has been established to promote American investments in the country. The council will be an affiliate of the US Chamber of Commerce.
Herbert J. Davis, who is leading a US business delegation, and Finance Minister Shaukat Aziz made the announcement here yesterday. Davis will head the council. The establishment of the council would provide an institutionalized framework to businessmen of the two countries to foster closer relationships and create awareness about business opportunities in Pakistan.
It would also encourage US businessmen to enter into new ventures with their Pakistani counterparts, officials said. Davis told Shaukat the structural reforms initiated by the government had restored confidence in international investors.
Pakistan’s strategic location made it a bridge between South Asia, Central Asia, the Middle East and Southeast Asia and offered a host of opportunities to US businessmen, Davis added. “This would give Pakistan its rightful place in the US business community,” said Davis.
He said the council had been established to promote direct US investment in Pakistan. The council will sign a memorandum of understanding with the Federation of Pakistan Chamber of Commerce and Industry.
It is a matter of satisfaction that the economic stability achieved by the government of President Gen. Pervez Musharraf enabled Pakistan to overcome the post-Sept. 11 problems, Davis said.
Shaukat said that a number of multinational companies that were operating in Pakistan could serve as a catalyst in promoting economic relations between Islamabad and Washington.
Shaukat said that this forum could also promote understanding about business environment to encourage American participation in the Pakistan’s industrial growth. Pakistan offers a level playing field and encourages investment in all sectors. There are a number of export processing zones which offer an attractive environment to locate manufacturing facilities. Shaukat welcomed the creation of the council and appreciated the role of the Board of Investment in serving as a catalyst for promoting domestic and foreign investment in Pakistan.
