“An estimated $6 trillion mineral treasure trove of Pakistan is ripe for leading US firms to invest and reap dividends of a lucrative market of the region,” said Pakistan’s top envoy to the United States.
“Our focused approach on improving ease of doing business, ensuring business friendly regulatory regime and providing one-window solutions guarantees profitable business ventures to leading US and other foreign investors,” he said.
“Time has come to transform our decades long relationship into a multifaceted economic partnership for the mutual benefit of our people and the region,” he continued.
Ambassador Masood Khan made these remarks during his meeting with a group of State Senators and Representatives of Connecticut State legislature in Hartford on last day of his two-day visit to the state. The group included State Senator Tony Hwang, State Senator Henri Martin, State Rep. Tim Ackert, State Rep. Tom Delnicki, State Rep. Mark Anderson, State Rep. Cooley, and Rocky Hill Mayor Lisa Marotta.
“The world is facing a huge challenge of supply chain disruptions in critical, high-tech manufacturing. Pakistan offered proven reserves of mineral resources required for manufacturing of high-tech components like chips and semiconductors,” he said.
He said that the leading economies of the world were focusing on friend-shoring and on-shoring of high-tech manufacturing that required sustainable and dependable supply of raw materials and “Pakistan could be an ideal source for that,” he added.
“We welcome investments in mining sector and we offer a new incentivization regime for investment in our untapped reserves of minerals and rare-earth,” Masood Khan said.
Masood Khan highlighted that Pakistan-United States relations were following an upward trajectory. The commitment of the leadership of the two countries towards this decades-long relationship has induced a new momentum during last one year and both sides had consciously choose to focus on cooperation in non-security areas along with security cooperation.
He said that two sides have had substantive, high-level dialogues in critical areas including health, renewable energy, climate change, counter-terrorism, anti-narcotics. The investment by US-based IT firms and VC have played an important role in nurturing tech-ecosystem in Pakistan which has grown bullish. “US VCs and Unicorns have made substantive investments in Pakistan’s tech start-ups,” he added.
He also highlighted agriculture, health, manufacturing, pharmaceutical, IT and fintech as low hanging fruits for US investors and businesses.
“Connecticut has a vibrant economy, yet its trade with Pakistan remains far below the potential,” he said underscoring the need to focus more on trade and investment opportunities to capitalize upon the existing potential.
The lawmakers evinced keen interest in further enhancing cooperation in trade, investment and people-to-people linkages and resolved to explore opportunitt for exchange of trade missions and business delegations.
They also appreciated the contributions being made of Pakistani-American community in Connecticut.
Discussing educational linkage, the lawmakers expressed the hope to see greater number of Pakistani students in universities and colleges of Connecticut to augment people-to-people linkages, especially the builders and future leaders of the two countries.
“Lawmakers in lead, supported and seconded by enterprising business community, would propel our existing relations to new heights,” Masood Khan said.
Connecticut, September 13, 2023
