US keen to further strengthen economic ties with Pakistan: CG

The US Consul General Ms Nina M Fite said the United States is keen to further strengthen its economic relations with Pakistan and to achieve the goal the US Consulate is in constant contact with the State Department officials in Washington and Pakistani officials in Ministry of Commerce.
She was speaking at the Lahore Chamber of Commerce and Industry here on Thursday. US Economic and commercial officials Robert Hawkins and Shahid Abbas also present in the meeting. She said that it is not only the economic areas where in the US extending co-operation but also its aid programmes for IT sector and Livestock are well on the way.
Speaking on the occasion, the LCCI President Irfan Qaiser Sheikh said that early signing of Pak-US Free Trade Agreement, transfer of technology, collaboration of US investors in Energy, IT, Livestock and Dairy sectors could do a great favour to Pakistan. It has been facing a number of economic challenges for being frontline ally to the United States. He also handed over a set of proposals to the US Consul General to ensure rapidly growing Pak-US trade and economic relations.
He said that until business to business contacts are not realised at their full potential, both the sides would not be able to improve the bilateral trade relations. For that matter, frequent exchanges of trade delegations are very important. He said that the trend of trade confirms that almost one fifth of Pakistan's exports find their way to US markets.
Likewise, United States holds top fifth position among the major importing countries of the world. From the last four years or so, Pakistan's exports are ranging from US $3.9 billion to US $3.7 billion while it has greater capacity to increase this level to more than 5-6 billion dollars. But it will only be possible if US officials give some preferential treatment to Pakistan not only in increasing trade but also in making more investments, he added.
He said that the interaction of Chambers of Commerce and Industry of the two countries in patronage of US government could be instrumental in raising the level of transfer of technology to Pakistan. Similarly, we seek greater attention of US Investors towards Pakistan especially in the wake of serious dearth of Foreign Direct Investment in Pakistan.
It is most urgent need of the hour to revive the economy through more trade not aid. We are very much concerned about the low level of FDI, which is primarily shying away due to security reasons. Since America is leading this initiative, therefore, it is the prime responsibility of America to help and assist to get out of this situation which is bringing greater economic challenges with the passage of time.