LAHORE, March 19: The Managing Director South Asia Affairs, US Chamber of Commerce Dr. Herbert J Davis, has said that Pakistan is an emerging market rich with exciting opportunities for US direct investment.

Leader of the US Investors and Traders delegation, Dr. Herbert J.Davis, Managing Director, South Asia Affairs Department, International Division, US Chamber of Commerce currently visiting Pakistan on the invitation of Founder and Chairman Pak-US Business Council, Iftikhar Ali Malik.

In an interview here on Friday he said: "Pakistan is now open to US business community with best friendly investment climate," adding that there are significant possibilities for US and other foreign suppliers to invest in Pakistan. However, he said that it must be realized that these opportunities would require sustained and sound economic policies, and called for strict implementation of Intellectual Property Rights.

With the lifting of economic sanctions in early 2002 and renewed economic engagement, he said, it was hoped that Pakistan would achieve sustained growth in key sectors, including increase in per capita income and improvement in micro-economic indicators in the years to come.

Dr Davis observed that Pakistan was geographically ideally located with immediate access to the Central Asian Republics and has a competitively affordable and expanding work force of 36 million.

"Since 1999, Pakistan has achieved significant macro- economic success as recognized by multilateral lending institutions, particularly World Bank and the IMF," he said, adding that Pakistan's foreign investment policy is open and liberal, which is good news for American companies interested in doing business here.

He said the US-Pakistan Business Council helps the American corporate sector identify opportunities in Pakistan's vast resource based industries, such as oil, gas and petrochemicals, a fast growing infrastructure sector and other industries such as textiles, garments, software and automotive manufacture.

"Pakistan is a country rich in history, culture and natural resources," he observed, and said he was confident that the partnership between the United States and Pakistan, which began over 50 years ago would reach a high point in the years to come. -APP