LAHORE, July 25: US Economic and Commercial Affairs Consular Amy Holman has said that after the passage of the legislation by the end of this autumn Reconstruction Opportunity Zones (ROZs) to be set up in Pakistan will have zero-rated access to the US market for 15 years, the longest such concession ever granted by the US government to any country.

Speaking at the Lahore Chamber of Commerce and Industry on Wednesday, Ms Holman said the US government was aware of the concerns of the local entrepreneurs about limited access to US markets and added that the US market would be opened for October 8 earthquake-effected regions of Pakistan.

She said the US concessions to ROZs would stimulate industrial activity in the quake-hit areas, open up many jobs for the locals and bring them out of poverty.

She said the US helped Pakistan overcome power shortage and a couple of delegations from Pakistan would visit the US in coming days to have one-on-one meetings with American energy experts.

The US diplomat said that the strengthening of Pakistan-US trade relations was one of the priority areas, which were being pursued with full vigour. She said Pakistan planned two investment conferences in Washington and New York that would help boost trade between the two countries as US businessmen were satisfied with the business atmosphere in the country.

She said foreign direct investment from the United States was 44 per cent higher than the previous year.

The US is taking all necessary measures to make Pakistan more competitive in the global market, she said.

LCCI President Shahid Hasan Sheikh said the US had made the largest investment in Pakistan after the United Arab Emirates. The American investment in Pakistan stood at $820.5 million up to the end of 2005-06, which was 6 per cent of the total foreign investment made in Pakistan.

The major sectors where Americans had invested were oil and gas, communications, trade, power, financial business and food.

He said Pakistan was interested in the US investment in infrastructure, energy and human resource development sectors to cope with the needs of a rapidly growing economy.

He praised the services of USAID’s Competitiveness Support Fund to make the milk and dairy, gems and jewellery, marble and granite, surgical and furniture industries as well as horticulture of Pakistan more competitive.

He said USAID could help Pakistan avoid post harvest losses, in value addition of agricultural products, food processing and preservation, development of long staple and high yielding cotton-seed, construction, transport and vocational training.

Chamber vice-president Mubashar Sheikh said Pakistan was the principal gateway to the mineral-rich Central Asian republics and the shortest energy and trade corridor for the CIS, China, and the Pacific Rim and Gulf markets.