ISLAMABAD: The visit by a high-level delegation of investors led by American businessperson to Pakistan this week will further improve ties between Washington and Islamabad, Adviser to Finance Minister Khurram Schehzad said this week, noting that its interest in the country’s key economic sectors has “great importance” for Pakistan.
A US business delegation led by Texas hedge fund manager Gentry Beach arrived in Pakistan for a two-day visit on Tuesday to explore business opportunities, particularly in sectors like mining and minerals, renewable energy, infrastructure development and technology.
Gentry held meetings with top Pakistani officials during his stay in Islamabad, saying that US could bring in technology to boost Pakistan’s oil and gas and other sectors, and that both countries can immensely benefit from improved ties.
“Talking to a private TV channel, he [Schehzad] said that Pakistan and US trade relations have significant value, as Pakistan’s trade to US market is surplus,” the Finance Division said in a statement on Friday.
“He said this US investors delegation visit to Pakistan will further improve ties between the two countries.”
Schehzad said the American delegation expressing interest in Pakistan’s key sectors including mining and minerals, renewable energy, infrastructure development and technology “has great importance for Pakistan.”
“Pakistan is in dire need of investment, and Pakistan has less investment to GDP ratio which we can raise 5-8 percent,” he said.
Schehzad pointed out that Pakistan’s economic indicators were projecting a positive look, adding that interest rates and inflation had declined while the country’s currency had stabilized, and its foreign reserves had increased.
“He said that investors are seeing structural reforms in Pakistan, adding that US investors delegation timely came in Pakistan, as smart and sharp investors go where they see changes so that they could get better return,” the Finance Division said.
The American delegation’s visit this week came as cash-strapped Pakistan, desperate to escape a prolonged macroeconomic crisis, seeks investments from regional and other foreign allies to shore up its $350 billion economy.
Pakistan in 2023 nearly defaulted on the payment of foreign debts when the International Monetary Fund rescued it by agreeing to a $3 billion bailout to Pakistan.
Last year, Islamabad secured a new $7 billion loan deal from the IMF. Since then, the country’s economy has started improving with weekly inflation coming down from 27 percent in 2023 to 1.8 percent earlier this month.
Ties between Islamabad and Washington, once close allies during the Cold War era and after the September 11, 2001 attacks, have remained strained in recent years.
American officials suspected Pakistan supported the Afghan Taliban in regaining Kabul in August 2021 after 20 years of war, straining ties with Islamabad. Pakistan denies the allegations strongly.
