ISLAMABAD: The US-Pakistan Business Council (USPBC) has recommended the government to consider continuing to pursue macroeconomic stability, implementing reforms to sustain and attract investment, supporting energy and infrastructure development, and launching the US-Pakistan Business Dialogue.

During a three-day visit to Islamabad, a delegation of the USPBC met Prime Minister Nawaz Sharif, Finance Minister Ishaq Dar, Commerce Minister Khurram Dastgir Khan and Board of Investment Chairman Miftah Ismail.

At the sidelines, the delegation shared the council’s report with top Pakistani officials and offered 17 recommendations in key priorities. These suggestions can be addressed in the short term in the areas of taxation, protection of intellectual property rights, and bankruptcy and dispute settlement procedures.

The USPBC’s delegation comprised 26 senior executives from leading American companies in the IT, energy, and consumer goods sectors. USPBC Chairman Miles Young, who is also the CEO of advertising firm Ogilvy & Mather, and Pepsi Vice-Chairman Mehmood Khan were hosted as state guests.

According to a press release issued by the US Embassy in Islamabad, Ambassador David Hale hosted the delegation at the embassy, where the group discussed opportunities and challenges facing US companies in Pakistan.

He underscored the United States’ commitment to strengthening economic ties between the two countries. “Economic engagement is a key part of the US relationship with Pakistan, and the US government is committed to deepening that engagement. We realise, however, that the government alone cannot increase this engagement. In order to do that, the private sector is essential,” he said.

The US is the largest destination for Pakistani exports and is one of the country’s primary sources of foreign direct investment (FDI).

“American investors are increasingly bullish about commercial opportunities in Pakistan, and our visit to Islamabad demonstrates the council’s commitment to work with government officials to help expand trade and investment flow between the two countries,” said Mr Young of the USPBC.

“We are optimistic about the future of Pakistan and believe that the country has the potential to become a vibrant and dynamic emerging economy,” he remarked.

USPBC President Esperanza Jelalian said: “In meetings with government officials and private-sector leaders, including Prime Minister Nawaz Sharif, the delegation also discussed the role of the US private sector in strengthening US-Pakistan relations.”

The US-Pakistan Business Council is the premier organisation based in Washington dedicated to the broad advancement of US commercial engagement in Pakistan.

Since its inception in 2002, the council has provided a national forum for dialogue on key economic, commercial, humanitarian, and political issues of interest to American companies operating in or exploring business opportunities in Pakistan.

Published in Dawn, January 16th, 2016