KARACHI: Pakistan needs to look into the reasons for low foreign investment here and should take corrective measures to attract maximum foreign investment especially for Karachi, said United States Consul General in Karachi, Michael J. Dodman here Thursday.
When his opinion was sought by Karachi Chamber's leadership that why US companies were investing more in other countries of the region including Bangladesh, he said it was a purely commercial decision by the US investors and his Government could not dictate them.
"We simply can inform our investors about investment opportunities in Pakistan. Here is a great scope for investment," he remarked.
Dodman said that Generalised Sales Preference (GSP) scheme has currently been put on hold due to on-going situation in Washington but it will resume soon and Pakistan will continue to benefit from this important scheme.
The US Consul General was speaking at a meeting with members of Karachi Chamber of Commerce and Industry (KCCI) during his courtesy call on the newly elected body of the Karachi Chamber here.
Led by Michael J. Dodman, the US Consulate team comprised Political and Economic Affairs Chief, Ms. Anu Prattipati, Economic Officers Richard Bakewell and Eduardo Garcia, Economic Specialist Ahsan Achakzai, Economic Specialist Fahd Zaidi and from US Commercial Services Malik Attiq.
Among others, Karachi Chamber was represented by Senior Vice President KCCI, Muffasar Atta Malik, Vice President KCCI, Muhammad Idrees, former presidents KCCI, A.Q. Khalil, Haroon Agar, Mian Abrar, Saeed Shafiq, Khalid Firoze, Abdul Majeed Haji Muhammad.
The US Consul General advised that various issues, which had already been identified, need to be addressed with a view to make Pakistan, particularly Karachi city an attractive place for foreign investors.
"We are working closely with various trade associations including KCCI, Sindh Board of Investment and Trade Development Authority of Pakistan to explore ways and means for attracting more investment in Pakistan," he added.
The US diplomat said the Unites States is the largest trading and investment partner of Pakistan. The US strongly believed that future lies on the business side that is why his country has been promoting trade and investment in Pakistan.
A number of US-funded programmes are underway for building the economy and capacity of various enterprises in Pakistan. Private Business Initiative (PBI) was among these. It is aimed at promoting US investment in Pakistan and vice-versa. Pakistani companies should come to US and would enjoy all possible support there. "We would welcome good partners," he said.
He said that one-side view prevailed among the people of both the countries about each other's country. For this reason, he continued, exchange of delegations was needed.
To a query, he said Pakistan was a significant textile exporter and his contry considers it as a largest textile producer. However, he said, textile is not included in GSP facility. Textile has become a controversial issue and it is under discussion of US Congress.
Responding to a KCCI pointation of delay in issuance of visas, Dodman said that the US has a fully operational visa office in Karachi where business visas were being issued.
Expressing apologies for delayed visa processing, Michael Dodman said that they have to follow US laws which were causing delays. However, the overall situation was improving.
US Consul General also congratulated the newly elected office bearers of KCCI and acknowledged the commendable role played by the out-going office bearers particularly former president KCCI, Haroon Agar in strengthening relations between KCCI and the US Consulate.
Chairman of Businessmen Group (BMG) and former president of the Karachi Chamber of Commerce and Industry (KCCI), Siraj Kassam Teli stressed on enhancing Pak-US trade ties.
Siraj Teli said Pak-US relations have witnessed many ups and downs from time to time since 9/11 and have progressed well. However, the pace of trade has been too slow and things are not moving the way they should.
He pointed out that the existing exports of around dollars 3.5 billion do not reflect the existing potential and relations between the two nations which must be enhanced to at least dollars nine billion.
United States must consider the fact that Pakistan has been playing the role of a frontline state in the war against terrorism over the past 12 years but has not been compensated accordingly.
Vice Chairman BMG and former president KCCI, Muhammad Zubair Motiwala, while praising United States' move to undertake various development projects in Pakistan, suggested that the US must also initiate programmes focusing on job creation as joblessness remains an important issue in Pakistan.
It must be realised that terrorism comes out of empty stomach. For creating more job opportunities, the United States must consider granting FTA or PTA for the textile sector of Pakistan which is capable enough to generate tremendous job opportunities for Pakistani youth and skilled workforce, he said adding that trade and equitable treatment are permanent answers to the ills confronting Pakistan these days.
President KCCI, Aamir Abdullah Zaki said the Karachi Chamber has remained vibrant in strengthening trade ties and exploring new bilateral trade prospects with the USA.
He called for minimising trade barriers between the two countries for boosting bilateral trade.
Commenting on Bilateral Investment Treaty (BIT), Aamir Abdullah Zaki opined that BIT would enable both the countries to seriously negotiate the Free Trade Agreement (FTA) that would bring trade and industry of both the nations closer by creating a win-win situation for all.
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