ISLAMABAD, March 16: A 15-member delegation of top American companies on Wednesday said Pakistan faced an image problem abroad, which was contrary to the reality but it would have to improve infrastructure and comply with international obligations regarding intellectual property rights to attract higher foreign direct investment. Head of the US business delegation Ahmet Bozar, who is President of Coca-Cola Eurasia and the Middle East told reporters that there were fantastic business opportunities in Pakistan but it needed a lot of effort to remove misperceptions. The visit was organized by the US-Pakistan Business council (USPBC).
A press release of the US Embassy in Islamabad said the US and American investors were particularly interested in Pakistan’s efforts to enforce intellectual property rights, shut down pirate optical disk factories, quickly settle outstanding investment disputes, sign and implement a bilateral investment treaty, implement solid anti-money laundering legislation, and increase spending on education and health care programmes.
Mr Bozar said: “Pakistan’s reality is much more favourable than the perception in the US and there is significant opportunity to showcase or market Pakistan’s story.” The companies participating in the delegation represents nearly a trillion dollars in market capitalisation, the press release said.
“Perception about Pakistan in the US, is not what the reality is...the reality is very good. Pakistan is a growth country and during the last four years, all economic indicators are going in the right direction,” he said.
He said during their meetings with Prime Minister Shaukat Aziz and other officials they suggested to the government to employ the necessary resources to showcase Pakistan using a targeted marketing approach.
“We are fully impressed with the four years of sustainable growth that is build on strong pillars,” he said and added that their visit would make a difference in making Pakistan a better country for US foreign investment.
Asked about the real prospects of American investment in Pakistan in the wake of US Travel Advisory, Bozer said the US government actually encouraged necessary investment in Pakistan.
Stephen Du Mont, Corporate Vice President, Cisco System, said it was for the individuals and individual companies to make their own assessment. “Cisco does not consider Pakistan a dangerous country... We just don’t accept the US determination where to travel or not, we make our own determination,” Du Mont said to a question.
He said his company was opening its office in Pakistan in the coming few weeks, saying it showed their commitment to the country for investment. Similarly, Hassan Alex Tavokoli, Motorola, Inc’s Vice President for Middle East and Africa shared the similar perception about Pakistan and added that his company was also opening its office in Islamabad within a few weeks.
Tom Slone, Chairman and CEO Touchstone communication said he had a success story to share about his experience in Pakistan and added his company started business in Pakistan 18 months ago with 120 people. The number of staff strength has risen to 350 and the company was already going in profit, he added.
The delegation also expressed strong support for the Bilateral Investment Treaty (BIT) talks between the US and Pakistan, saying being a largest single trade partner with three billion dollars of trade, the Treaty would definitely help in bringing more US FDI into Pakistan.
The press release said that the United States is working with Pakistan to take economic growth to the next stage, which requires that the government of Pakistan move forward on next generation economic and judicial reforms.
The visiting delegation comprising 15 executives represent some of America’s biggest and most well-known companies, including Coca Cola, Seasick Systems, General Electric, Lucent Technologies, Black and Veatch, Motorola, and Merck, as well as smaller firms with cutting edge US technology.
