US Ambassador to Pakistan Richard G Olson accompanied by Brian Heath, US Consul General in Karachi, and other senior members of the US embassy visited the OICCI for an interactive session with the OICCI managing committee and members.
OICCI Vice President Atif A Bajwa shared the significant contribution of the OICCI members to the Pakistan economy not only in the form of FDI, but also in the transfer of technology and best practices.
Being the collective voice of leading 200 foreign investors, the OICCI has played a key role in facilitating FDI in the country by sharing the investment climate and incentives and opportunities for potential investors in Pakistan.
Atif Bajwa expressed his concern on the declining positioning of Pakistan in the WB’s ease of doing business which needs serious remedial action to allow Pakistan to achieve its right growth potential.
Atif Bajwa appreciated the positive support of the US government for Pakistan over the last six decades, the contribution of the US corporate sector to the economy of Pakistan and the potential for further enhancement of US-Pakistan trade and business relationship. He urged the need to fast track the US-Pakistan dialogue to promote investment in Pakistan including meaningful progress on TIFA.
Speaking to the members of the OICCI, Ambassador Richard G. Olson expressed his great pleasure in coming to the OICCI to meet its members and to learn first-hand about the experience of foreign investors in Pakistan. He commented that he was impressed by the achievement of the OICCI members, who account for more than 14 per cent of GDP and 33 per cent of Pakistan’s total tax receipts besides touching the lives of a large segment of the population.
The ambassador highlighted how both countries were partnering to create a “pro-business, pro-investment, and pro-innovation climate.” He said, “We are proud that the United States is both Pakistan’s largest trading partner and one of its largest investors.” In 2013, a two-way trade totalled more than $5 billion and US companies have invested $1.3 billion in the Pakistani economy in the last seven years.
Ambassador Olson also outlined how both the countries were moving from “an assistance-based relationship to one based more on trade and investment” and the United States’ commitment to supporting long-term self-sufficiency for Pakistan. He pointed out that the United Sates was partnering with Pakistan to achieve growth and build a foundation for commercial success by building business ties and industry capacity, supporting Pakistan’s young entrepreneurs, and addressing some of the challenges that have slowed the pace of economic growth in Pakistan.
