January 24, 2002	Thursday	Ziqa’ad 9, 1422

KARACHI, Jan 23: A 7-8 member delegation of the US Eximbank, OPIC and TDA will arrive here on February 16 to look into specific projects in the private sector that could be financed and supported by the three official agencies.

The TDA (Trade Development Authority) funds feasibility reports, US Eximbank finances projects and the OPIC (Overseas Private Investment Corporation) provides insurance cover.

During their five-day visit, the delegation would attend the two-day Asia direct foreign investment conference organized by the National Committee of the International Chamber of Commerce scheduled for February 17-18.

It is quite likely that projects from the corporate sector could emerge from the interaction between US officials and the private sector participants. The focus of the US delegation would be on investment and trade.

Addressing a luncheon press conference at a local hotel hosted Public Affairs Officer Lonnie Kelley, the commercial counsellor, US Embassy David Hunter said that “the delegation is a visible symbol that we are committed to re-opening of the market.” As Pakistan begins to be seen as investment friendly, he added, “the US investors are coming back to the market.”

“Pakistan is worth another look as a destination for investment and trade,” and a visit of representatives of US companies would be organized by the commercial section of the US Embassy, says Hunter. The visit would follow soon after the US Eximbank, OPIC and TDA delegation.

Mr Hunter works with the government and the US companies to improve the overall investment climate, assisting US companies to do business in Pakistan.

“The interest level of US companies is growing rapidly” and many are setting up local liaison offices to serve their business operations in Afghanistan.

Pakistan is a beneficial location for carrying out reconstruction of Afghanistan and it is easier to work from here than in that country.

The US commercial counsellor clarified at the outset that the visit of joint delegation of Eximbank, OPIC and TDA was not a reward for Pakistan’s support to US against Taliban but it was in response to the resolve of the present government to begin to pursue investment friendly policies. He stressed the need for continuity in policies that are moving in the right direction, even after the elected government takes charge, for, it was vital to promote investment.

The US commercial counsellor hoped that the government would realize the importance of business and pursue policies to encourage investment and trade.

He admitted that some American investors were nervous on security concerns and stressed that the rule of law was essential for restoring confidence of foreign investors.

David Hunter told a questioner that US embassy officials were fully aware of the importance of business visits. Multiple visa is issued generally for five years and is valid for visits for the entire period. It takes about six weeks or a little more for issue of visa after an application has been filed. This is due to express security reasons.

The priority areas listed by him for investment were: Education vital for supporting economic growth, Infor-tech, food processing and packaging for exports, oil and gas sector, electricity and some pipelines.

He said the USAID office would soon be opened in Islamabad and he would encourage it to provide micro-finance to alleviate poverty. The AID agency normally provides funds for education and health.