KARACHI: The ongoing political impasse must be broken as soon as possible as it is only adding uncertainty to the outlook of businesses, said participants at the yearly roundtable meeting of the American Business Council (ABC) held on Friday.

They said the first half of the previous fiscal year was good for business and majority of them witnessed top-line growth, a press release said.

ABC President Tauqir Ahmed welcomed the exchanges of views between American business and the government on strengthening and improving the effectiveness of intellectual property rights (IPRs).

He also highlighted the challenges facing American businesses here. Ahmed said, “Pakistan has an opportunity to grow its pharmaceutical industry, foster innovation and create competition.”

The outgoing US Consul General Michael Dodman and new CG Brain Heath were also invited to the roundtable.

Participants thanked Dodman for his support to the American business community and welcomed Heath to his new role.

The ABC has 65 members with cumulative revenues of over $4 billion and an investment of around $780 million. Its members contributed Rs87 billion to the national exchequer every year as direct and indirect taxes.

The council’s member companies employed more than 42,000 workers directly and more than one million indirectly.

Published in Dawn, August 23rd, 2014