Need for specifics stressed to enhance Pakistan-US trade
Pakistan Times Business & Commerce Desk

LAHORE: There is a need to take more sector-specific and product-specific steps for the promotion of bilateral Pak-US trade and the Chambers of the two countries in patronage of US government could be instrumental in raising the level of transfer of technology to Pakistan.

This was stated by Ms Victoria Taylor, Political Economic Officer, US Consulate, Lahore, while talking to Lahore Chamber of Commerce and Industry President Mian Shafqat Ali here at Lahore Chamber of Commerce and Industry. Ms Victoria said that the relations between Pakistan and United States are unique in nature and a little effort in right direction could take the trade volume to the peak.

She assured the LCCI President of her total cooperation and help for the promotion of bilateral tradeties. Speaking on the occasion, the LCCI President, Mian Shafqat Ali, said that reforms initiated by the present government have started yielding results. The outgoing fiscal year was an eventful year for Pakistan in which real GDP grew by 8.4% as against 6.4% in the preceding year.

He said that “Business to Business Contacts” have not realized their full potential. There is a need to ease out regulations for Pakistani Exporters for reaching out US markets. The LCCI President said that the liberal investment policy in Pakistan encourages investment initiatives in different sectors of the economy.

Investment operations in Pakistan have the potential to access the Central Asian, Pacific Rim, and gulf markets. Gawadar Port offers huge opportunities for investment by American citizens. He said that Pakistan was keen in US investments that could provide transfer of technology in SMEs, pharmaceuticals, and light and heavy engineering.

The LCCI President said that the interaction of Chambers of Commerce & Industry of the two countries in patronage of US government could be instrumental in raising the level of transfer of technology to Pakistan. These potentials need to be studied and monitored by the commercial sections of diplomatic missions and also by the Chambers of Commerce and Industry of the two countries.

Mian Shafqat said that business delegations composed of sector-specific participants or product-specific group of entrepreneurs should be organized regularly with clear guidelines for transfer of technology. Business houses and diplomatic missions can always join hands to yield tangible results.●