The portfolio of the Overseas Private Investment Corporation’s (OPIC) financial support to Pakistan rose exponentially in the last three years from $80 million to an impressive $299 million.
“There are significant new projects in the pipeline,” OPIC President and CEO Elizabeth L Littlefield said during her visit to the Karachi Stock Exchange (KSE) where she performed the market bell opening ceremony.
“This demonstrates US’s commitment to Pakistan’s economic development,” said Littlefield, who was accompanied by US Ambassador to Pakistan Richard Olson, US Consul General in Karachi Michael Dodman and other senior OPIC officials.
KSE Managing Director Nadeem Naqvi, directors of the exchange and the senior management team of KESC welcomed the US delegation.
KSE Board members present at the discussion with the US delegation included Muhammad Yasin Lakhani, Kamal Afsar, Shazad Dada, Qadir Memon, Abdul Majeed Adam and Abid Ali Habib.
Littlefield expressed her appreciation at the resilience of Pakistan’s private sector and praised them on their commitment and industriousness despite a challenging operating environment, especially in terms of the poor law and order situation particularly in Karachi.
She stated that she was impressed by the capability and the depth of private sector leadership and managerial resources in Pakistan. She added that these would provide a strong foundation for rapid improvement in economic growth if major problems were addressed aptly by the new government.
She signified the importance of an improved law and order situation as a pivotal factor to raise foreign investment in the country. Uninterrupted supply of electricity was a prerequisite for any meaningful growth in a modern economy and thus stood as the second most important factor on her list. Governance, especially in the public sector was another factor that she felt had to be improved.
Littlefield stated that Pakistan’s significant socio-economic potential of natural resources, agriculture and basic infrastructure and industry along with a population of 200 million made it an important investment destination, provided these hurdles were overcome.
Regarding her meetings with members of the new government Littlefield said, “The new “managements initial steps in the power sector were a welcome development and provided immense confidence to international investment community. At the same time, concrete steps were needed to address the core issues on a permanent basis so that problems were not reignited again.”
Olson reiterated Washington’s emphasis on strengthening its relationship with Pakistan at all levels ranging from political, economic to social and humanitarian.
“Pakistan is an important partner of the US, especially in this region and the US Government would continue to support Pakistan’s endeavours to achieve a higher and sustainable growth path,” he added.
