ISLAMABAD, Aug 8: To promote US direct investment in Pakistan, US-Pakistan Business Council has been established, which would become an affiliate organization of the US Chamber of Commerce.

This was stated by Dr Herbert J. Davis, Managing Director, South Asia Affairs and Executive Director, US-Pakistan Business Council, in a meeting with Finance Minister Shaukat Aziz here on Thursday morning.

The establishment of US-Pakistan Business Council and its affiliation with the US chamber would give Pakistan’s rightful place in the US business community. It would provide an institutionalized framework to businessmen of the two countries to foster relationship and create awareness about business opportunities in Pakistan.

It would also encourage the US businessmen to enter into profitable venture with their Pakistani counterparts. Subsequently, the US-Pakistan Business Council will sign a memorandum of understanding (MoU) with the Federation of Pakistan Chambers of Commerce and Industry.

Dr Herbert said that it was a matter of satisfaction that economic stability enabled Pakistan to weather post-Sept 11 scenario from position of strength.

The structural reforms have built Pakistan’s credibility and have started showing results. This restored confidence in international investors. Pakistan strategic location makes it a bridge between South Asia, Central Asia, Middle East and South East Asia and offers a host of opportunities to the US businessmen to engage in profitable ventures to make it a hub of economic activity by establishing industries.

Finance Minister Shaukat Aziz stated that a number of multinational companies had been operating successfully in Pakistan.

These multinational companies could become catalyst in promoting economic relations between the two countries by providing a business dialogue through US-Pakistan Business Council.

He said that this forum could also promote understanding about business environment to encourage American participation in Pakistan’s industrial growth.

“Pakistan offers a level playing field and encourages investment in all sectors. Pakistan is particularly attractive as a location for contract manufacturing as we have good labour productivity and access to markets in South Asia, Central Asia, Middle East and Africa,” the minister remarked.

There are a number of export processing zones which offer an attractive environment to locate manufacturing facilities.—APP