Pakistan is safe for our Investment: US businessmen
Pakistan Times Staff Report

ISLAMABAD: The 15-member business delegation of top US companies Wednesday noted that we see Pakistan safe for our investment and as businessmen if we see opportunities we will grab them.

Although private US investors are very keen to enter into Pakistani markets in a big manner, a senior US Embassy official has expressed Washington’s deep concerns over one of Pakistan’s mega gas pipeline projects with Iran saying that US legislation bars the country to conduct business with Iran implying that Islamabad’s business with Tehran is not viewed with pleasure by the United States of America.

Replying to a question during an exclusive press briefing by a 15-member high powered US business delegation Wednesday evening, Joel Riefman, Economic Councellor for US Embassy said that, “we do have a legislation barring business with Iran, reports noted journalist Aroosa Alam.

There are concerns about Iran and the gas pipeline project”, said Joel.

Of Travel Advisory

Despite their full confidence in Pakistan’s security environment and promising economic indicators, the leader of the US business delegation Ahmed Bozer admitted that the Council could not convince the US Embassy or for that matter US State Department to withdraw travel advisory about Pakistan.

“Yes we did raise this issue with our mission here and they have good reasons to keep in place this advisory. But this does not bar any investor or businessman to come to Pakistan and invest,” said Ahmed Bozer, President Eurasia and Middle East Division Coca-Cola. Adding that perceptions about USA are far from realities in Pakistan.

“We have noticed that Pakistan is a very secured country for investments. We have full confidence in security and the economic policies of the country,” he said.

The delegation held a number of meetings with senior Pakistani leaders and officials including Prime Minister Shaukat Aziz, Chairman Senate Muhammadmian Soomro, Foreign Minister Khurshid Kasuri, Privatisation Minister Abdul Hafeez, and IT Minister Awais Leghari.

Briefing newsmen Ahmed Bozer said that the companies participating in the mission represent nearly a trillion dollars in market capitalization. He said all these companies are very keen to invest more in Pakistan as most of them are already operating in this country.

Bilateral Investment Treaty

He pinned great hopes with the Bilateral Investment Treaty between Pakistan and USA which will boost trade and investment between the two countries. “We are not pushed about any travel advisory, we see this country safe for our investments, we also have no concerns about terrorism, as a businessmen, if we see opportunities we will grab them,” said one of the members of the delegation who also observed that it is their sincere desire to see stable and economically prosperous Pakistan.

During their two days stay in Pakistan the business executives met with members of American Business Council of Pakistan [ABC] to create synergies in their efforts to further improve the investment climate in Pakistan.

Ambassador Ryan Crocker

US Ambassador Ryan Crocker also briefed the delegates on the US-Pakistan economic and commercial relationship and role of American companies in strengthening these ties. The delegation also had the chance to meet with US Secretary of State Condoleezza Rice who was in Islamabad for meetings with President Musharraf and top officials of the Government of Pakistan.

Throughout their meetings with Pakistani officials, the delegate praised the macro-economic success of the government of Pakistan and stated that the growth prospects of the country is a key factor for attracting foreign direct investment. The delegates also expressed strong support for the Bilateral Investment Treaty talks between the two governments.

The members of the delegation vow to go back and tell success stories to their business colleagues about the economic situation in Pakistan. “We will try to remove the misperceptions about Pakistan but the Government of Pakistan also needs to invest in this direction,” said the group leader.

The delegation suggested smoke key areas where Pakistan should focus in order to improve climate for foreign direct investments. The business representatives noted that Pakistan’s reality is much more favourable than the perception in the US and there is significant opportunity to show case or market Pakistan’s story. The delegates suggested that the GOP should employ the necessary resources to show case Pakistan using a targeted marketing approach.

The USPBC is the leading private sector association of US companies with business and investment interests in Pakistan. The United States Chamber of Commerce launched the Council on Sep 30, 2002 to strengthen US Pakistan economic relations on trade and investment issues.●