Underscoring the need for better networking among the business community of Pakistan and the United States, Ambassador Masood Khan has said that work was in progress to establish a database of Pak-US businesses to promote business ventures from either side. “Collation of this data will lead to exponential growth in bilateral trade and investment,” he said.
Thousands of Pakistani Americans are investing in real estate, hospitality, healthcare, pharmaceuticals, diagnostics, medical transcription and billing and training of the work force and others. Once a company is there, it finds Pakistan very profitable,” he said.
He said that a strong interface between US business councils with Federation of Pakistan Chambers of Commerce & Industry (FPCCI), American Business Council (ABC) and Pakistan Business Council (PBC) will unlock new business ecosystems.
While we should facilitate the existing businesses, we must encourage new enterprises to invest in the vast market of Pakistan and its neighborhood,” he said
The Ambassador made these remarks while talking to Peter Tichansky, President & Chief Executive Officer of Business Council for International Understanding (BCIU) here at the Embassy of Pakistan Washington DC.
BCIU offers commercial diplomacy services to the governments and leading organizations, from Fortune 100 companies to global investors and multilateral institutions. It promotes international understanding and expands global trade and commerce through a combination of dialogue and action.
Discussing Pak-US business relations, Ambassador Masood Khan highlighted the presence of renowned US companies in Pakistan which were undertaking profitable business ventures in the country.
He especially highlighted the financial support being provided by Venture Capital Funds from the Bay Area to the whole range of Pakistani startups including FinTech, MedTech, EdTech, AgriTech, transportation networks etc.
The economy of Pakistan is being digitized at an immense pace. This has created huge opportunities for the business community in Pakistan and regionally,” he said.
Another area, he said, was agriculture. He said that the United States has launched ‘Green Alliance’ program in Pakistan that encompasses green energy, weather resistant high yield seeds, and promoting university to university partnerships.
Our two countries are cooperating in genetic engineering. This has a huge potential,” said the Ambassador.
The Ambassador observed that foreign direct investment (FDI) from the US must match full potential of our burgeoning economic partnership.
Mr. Peter Tichansky briefed the Ambassador about BCIU’s network and its activities across the globe. He said that BCIU believed in promoting commercial diplomacy and people-to-people exchanges to serve as the foundation of robust international understanding.
On BCIU’s facilitation in creating linkages between the business communities, Mr. Tichansky said that 200 US companies were affiliated with the organization and were spread throughout the United States.
The Ambassador invited President BCIU to take a delegation of US business community to Pakistan allowing them to witness the existing market potential and the available business opportunities.
He also offered all possible assistance of the Embassy of Pakistan and its Consulates in facilitating linkages with relevant trade bodies and business houses of Pakistan.
Washington D.C, July 25, 2023
