LCCI President Malik Tahir Javaid disclosed this while talking to a US delegation from multiple business sectors led by Megan Zacher at Lahore Chamber on Wednesday. LCCI Senior Vice President Khawaja Khawar Rashid, Vice President Zeshan Khalil, Amjad Ali Jawa, Faisal Iqbal Sheikh, Tehmina Saeed Chaudhry, Mian Zahid Javed, Naeem Hanif and other members were also present.
Malik Tahir Javaid said that Pakistan and United States had good prospects for improving mutual economic ties, asserting that the USA was a lucrative market for Pakistani products. He said the LCCI delegation would identify those areas for cooperation which were still unexplored.
He said, Pakistan and the USA had a long history of a multi-faceted relationship including diplomatic, strategic, cultural and economic relations.
Malik said that USA was the second largest trading partner of Pakistan and among the top exporting and importing countries, USA came at first and fourth places respectively.
The total bilateral trade averaged around dollar 5.5 billion but it had the potential to get doubled in few years through favorable policy initiatives, he said, and suggested that both countries needed to increase people-to-people contacts which would certainly encouraged US investors to consider Pakistan favorably.
He also praised the US Department of State's Bureau of Educational and Cultural Affairs for funding the Professional Fellows Programme and arranging visit of US delegation. "We should increase the frequency of exchanging such delegations. Lahore Chamber of Commerce & Industry is determined to play its role for bringing positive change for the benefit of both the countries," he added.
The LCCI believed that total trade between the two countries had the potential to touch the figure of dollar 10 billion if favorable policy initiatives were taken by the two countries, and "We should keep organizing trade delegations and improving trade diplomacy," he said.
Malik Tahir Javaid shared with the delegation that the Lahore Chamber was established in 1923 and it was country's premier, largest and oldest chamber with a membership base exceeding over 22,000 members.
LCCI Vice President Zeshan Khalil said that LCCI having strong historical background remained a focal place for national and international delegations to meet and create linkages. He hoped that this visit to Lahore Chamber would also result in bringing both Pakistan and USA close to each other.
Ms. Megan Zacher in her address said that business community of United States gave importance to trade and economic relations with their Pakistani counterparts. She said that development of people-to-people and business-to-business contacts could play a vital role in strengthening the trade and economic ties between the two countries.