KARACHI, April 27: US Consul General in Karachi Douglas C. Rohn said on Tuesday that American business community's investment in Pakistan is over $1 billion. Speaking at the inauguration of "USA Catalogue Show" held in collaboration with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), at the Federation House, the US envoy said that it was the first commercial exhibition held in Karachi after several years.

Mr Rohn pointed out that most of the companies exhibiting catalogues were small and medium enterprises. "Traditionally, it has been businesses of this type that foster the technological change that keeps the US economy growing.

He said that the strong and long lasting ties bind the economies of our two nations. The US is Pakistan's largest trading partner. Pakistan exports to the US last year was some $2.3 billion roughly 25 per cent of Pakistan's total exports.

The US sold over $700 million worth of goods - mostly intermediate capital goods - the kind that increases general industrial and agricultural productivity. The consul general said that this year with the sale of a number of state-of-the-art Boeing 777s to PIA, US export numbers would improve significantly but the trade imbalance persist.

Referring to investment, he said that the American business community has a significant presence in Pakistan. He said that we were heavily invested in Pakistan's energy, pharmaceutical, IT and financial services sectors. Our investments total over $1 billion.

"We employ over 20,000 Pakistanis and our combined direct and indirect tax payments contributed roughly six per cent of Pakistan's total tax revenue in the past fiscal year". -APP