Washington D.C., 23 June 2022 (TDI): Pakistan’s Ambassador to the United States, Masood Khan has said that the emerging market of 220 million people with its unique geo-economic location serves as an ideal destination for the US investors and business community not only to undertake profitable business ventures within Pakistan but also to relocate their value chains to Special Economic Zones of the country for exports to Gulf region, West Asia, Europe, and Africa.
He said that in his meeting with a delegation of Institutional Investment, a top-notch US investment company that includes banks, credit unions, government-linked companies, pension funds, charities, hedge funds, REITs, investment advisors, endowments, and mutual funds as its clients.
“We are committed to offer international investors all possible support and a congenial environment to explore the untapped potential of a huge market and rich human capital. Our focus on promoting export-oriented industries in Special Economic Zone has created opportunities for win-win solutions for our two countries”, stated the Ambassador while talking to leading U.S. investors.
Ambassador Masood Khan underscored the need for sustaining the existing momentum to build robust economic partnerships. “The success stories of U.S. firms operating in Pakistan like Abbott, Coke, PepsiCo, P&G and Cargill etc., provide a solid basis to broaden our ties,” continued the Ambassador. He pointed out that Pakistan’s export to the U.S. has shown a steady increase.
Given the availability of a large number of IT professionals and skilled manpower, the U.S. firms could use Pakistan’s HR for businesses process offshoring in the field of IT, software development, accounting, and healthcare management system, etc. “The U.S. corporate sector could reap tremendous dividends by manufacturing their products in Pakistan and exporting them to its neighborhood,” stated the Ambassador.
Steps taken by the Government:
Ambassador Masood Khan also highlighted various steps taken by the Government to improve the ease of doing business, making the regulatory regime business friendly and some landmark policy decisions to offer maximum returns and financial incentives to the export-oriented foreign companies. “Initiatives like simplification of tax regimes, incentives for new businesses, the establishment of SEZs and STZs, liberalization of visa regime, etc., illustrate our keenness to become an attractive destination for investment,” stated the Ambassador.
The Ambassador also projected recent gains in the economy, especially in the tech sector which has witnessed remarkable growth in the past few months. The tech sector of Pakistan has earned over $700 million in the past 18 months and will further grow in the coming months.
Leading U.S. investors present during the meeting showed keen interest in exploring business opportunities in Pakistan and asked questions related to setting up business in Pakistan in various areas including infrastructure, IT, Fintech, agriculture, retail market, telemedicine, robotics, and services. They also inquired about Pakistan’s strategy for ensuring food security and meeting various requirements in wake of Pakistan serving as a regional hub for connectivity and trade.
The representation included Arlington County Employees’ Retirement System, Mission Square Retirement, Fairfax County Police Officers’ Retirement System, Bloomberg Philanthropies, Pennsylvania State University, Matthew Asia, T. Rowe Price, Metlife Investment Management, and others.