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ISLAMABAD: In view of the improvement in Pakistan's economy due to good governance, Pak-American Business Association intends to further promote business relationship between the two countries by bringing more investment and investors from USA to Pakistan in different sectors.

A twelve member delegation of Pak-American Business Association headed by James Gilmore III, former Governor of Virginia told Waseem Haqqie, the Chairman Board of Investment (BOI) here Friday.

The delegation discussed investment opportunities in various sectors including Oil Refinery at Karachi, Paraxylene plant, CNG stations, Ship Breaking, Ship Building and setting up of a shipping line in Pakistan.

The businessmen also indicated their interest in oil and gas, infrastructure, tourism including hotel industry, IT, real estate, textile, waste management and agriculture.

They disclosed that an Oil Refinery by the name of Indus Refinery will be set up in Karachi within three months with an investment of US $ 85 Million. The OPIC and EXIM Bank have shown interest to finance this project. Around 200 acres of land has been identified in Port Qasim area. A Paraxylene plant will also be set up in addition to various CNG stations in the country.

They also plan to make investment in the ship building and operating a shipping line from Pakistan. They are negotiating with Pakistan Navy for Joint Venture on construction of a small shipping yard near Korangi.

Pak-American Business Association delegation included leading businessmen of IT, Trading, and Shipping sectors from USA.

Welcoming the members of delegation, the Chairman BOI explained that Pakistan suffers an image problem abroad especially in America and Europe despite the fact that ground realities are different from perception. The strategic location of Pakistan with land route access to Middle East and Central Asian Republics offers huge market to investors with tremendous potential and opportunities. Major irritants to investment in Pakistan like Afghan war and tension with India are now settling down, therefore it is the right time for investors to come to Pakistan and avail the opportunities. He further asked Mr. Gilmore that the USA should now consider relaxing the negative travel advisory with regard to Pakistan.

The 15-member Pak-US Business Association delegation led by James S. Gilmore later discussed in detail investment prospects with Finance Minister, Shaukat Aziz. The representative group of businessmen was given in-depth analysis of Pakistan's investment potential, its competitive edge in human capital, strategic location and business friendly environment.