“Profitable business ventures of around 80 US multinational companies have proved that Pakistan is a resilient and rewarding market. The enterprising middle class of Pakistan and a huge market of its neighborhood comprising Central Asia, West Asia, Middle East and the gulf region has created a demand factor that needs to be fulfilled,” said Pakistan’s Ambassador to the United States.
“There is a huge untapped trade and investment potential that can be explored and utilized by promoting our business linkages and people-to-people ties,” he said.
“The existing educational, cultural and other linkages between the people of Pakistan and Connecticut provide a very solid foundation to further strengthen our ties especially in economic sphere,” he added.
Ambassador Masood Khan made these remarks during his separate meetings with top leadership of US state of Connecticut including Governor Ned Lamont, Lt. Governor Susan Bysiewicz and Mayor of Hartford Luke Bronin. The Ambassador is on 02-day visit to the state of Connecticut.
“The current volume of trade and investment between Pakistan and Connecticut is far below the actual potential. It can be significantly increased in short to medium term by focusing on mature areas like IT, tech-startups and pharmaceuticals “, he observed.
He said that the two sides should take advantage of the recent momentum in Pak-US ties with greater focus on promoting trade and investment ties. He said that the United States remains Pakistan’s single largest export destination with two-way trade amounting to USD 11 billion. Pakistan’s exports to the United States touched USD 8.4 billion during last financial year.
“The existing trade infrastructure could serve as a springboard to boost Pakistan’s trade with Connecticut,” he said.
The Ambassador said that a number of US-based VCs and Unicorns were investing in tech start-ups in Pakistan.
“The ground work and due diligence has already been done. Connecticut businesses would find Pakistan ripe for investment,” he observed.
He said the state could import agriculture and agro-based products, textile, tech and related goods and services, surgical instruments and hospital and diagnostic equipment. Connecticut based enterprises, corporations and investors could also invest in financial technologies, e-commerce, tech ecosystem and chemicals, food and beverages, he continued.
Referring to the existing linkages, Masood Khan said that “Pakistani-Americans are a connective tissue between the two countries.” “More than 25,000 Pakistani-Americans in Connecticut State are acting as bridge between two communities,” he added.
He thanked Governor Lamont, Lt. Governor Bysiewicz and Mayor Bronin for their strong support to Pakistani community and providing them with an enabling environment to grow and contribute towards their homeland.
Resonating the sentiments of the Ambassador, the leadership of Connecticut agreed to take measures to boost trade, investment and people-to-people linkages. “The two sides can move quickly in mature areas while exploring other possibilities,” states Governor Ned Lamont.
The two sides also agreed to further their discussions and to depute economic experts to explore opportunities for enhanced trade and investment in Pakistan.
Governor Ned Lamont, Lt. Governor Susan Bysiewicz and Mayor of Hartford Luke Bronin lauded the contributions of Pakistani-American community towards socio-economic progress of Connecticut.
Connecticut September 13, 2023
