ISLAMABAD, Oct 18: US businessmen accompanying the visiting US Assistant Trade Representative for South Asia Ashley Will are said to have expressed their willingness to invest as much as $4-5 billion in Pakistan in the next two to three years, but told officials here that they were deterred by what they termed as ‘unsatisfactory’ law and order situation and the ‘continuing’ political instability.
Well-placed sources told Dawn on Saturday that these sentiments were expressed by the visiting US businessmen delegation in a meeting with Commerce Minister Humayun Akhtar Khan on Friday.
The sources said the US delegation, which included Pakistani Americans and country heads for US multinationals in Pakistan, was candid about its reservations, particularly the uncertainty caused by what they said the continuing crisis over the LFO.
Members of the delegation said the resolution of political crisis in Pakistan was the first pre-requisite for them to consider investing in Pakistan.
The delegation, according to the sources, also turned down Pakistan’s request for increasing market access for textile products to the US markets.
According to the sources, another major demand of the American delegation for investment in Pakistan was implementation of the laws concerning the intellectual property rights.
The commerce minister informed the delegation that the government had already legislated a law for the establishment of Pakistan Intellectual Property Rights Organization. The law would be soon sent to the federal cabinet for approval, which would be subsequently implemented in the country, he added.
The sources said the US has already shown its reservation on high tariff protection provided to the automobile sector and asked for reduction in tariff and non-tariff barriers.
According to the sources, it was also likely that the US along with other WTO member countries would oppose further extension in the deletion programme to Pakistan, which is scheduled to expire by December 31, 2003, and at the same time it would also urge Pakistan to grant MFN status to its neighbours to be considered for increased investment flows.