US investors urged to invest in CPEC

ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) urged the US investors to explore possibilities of joint ventures and invest in mega project of China Pakistan Economic Corridor (CPEC) as this has created many new business prospects in Pakistan.

"Pakistan and USA have good potential to enhance cooperation in many fields and both the countries should facilitate private sectors in trade promotion efforts", President ICCI Khalid Iqbal Malik, said while talking to Counselor for Economic Affairs at the US Embassy, William "Chip" Laitinen who visited ICCI here on Wednesday.

Malik said that Pakistan and USA have a broad and multi-faceted partnership in areas ranging from education to energy to trade and investment.

However, bilateral trade between the two countries was still not up to their real potential. He stressed that private sectors of both countries should be given enhanced role to improve trade relations, he added.

He said GSP scheme of US should be further extended for Pakistan. He said more Pakistani products should be given easy market access in USA so that Pakistan could improve its exports.

He said Pakistan was an agricultural country and US should cooperate with it in upgrading its agriculture sector on modern lines.

Speaking on the occasion the US envoy said many US companies were interested to explore Pakistan for export of LNG and added that Pakistan could overcome its energy problem by developing close collaboration with USA.

He said USA was one of the largest export destinations for Pakistan and bilateral trade between the two countries was improving.

He said USAID was working in Pakistan to contribute for improving its economy and added that Pakistan has taken most advantages of US's GSP scheme as its exports to USA were improving.

He said US wanted continuous engagement with Pakistan for economic benefit of both countries and added that people to people contacts were important to realize these objectives.

Vice President ICCI Tahir Ayub urged that US should transfer its agriculture machinery, technology and expertise to Pakistan for improving agricultural productivity.