KARACHI, Feb 16: The Overseas Private Investment Corporation (OPIC) of the US is evaluating five projects involving $200 million investment for implementation in Pakistan.
“Two are energy projects, one software and two small enterprises projects,” Rose Connelty, Executive Vice President and COO of the OPIC informed a crowded news conference on Saturday. The press conference was organized by the Pakistan National Committee of the International Chamber of Commerce (ICC), which is organizing from Sunday, a two-day regional foreign direct investment conference on “an emerging crossroad for trade and investment”.
A team of American officials representing OPIC, EXIM bank and Trade Development Authority led by David Hunter an official in the local US Consulate addressed the newsmen after ICC Chairman Richard D McCormick and other business leaders had spoken. The team included Rose Connelty of the OPIC, Christopher Coughin VP of External Affairs OPIC, Carl B. Kress Chief of Staff Trade Development Authority, James Lambright, special assistant to the Chairman EXIM, Mark Sproles and Richard Abizaid of OPIC.
The OPIC has provided 300 million dollars credit line for projects in Pakistan out of which projects involving 200 million dollars have been received.
“It takes two and a half to three months to completely evaluate a project,” Connelty said in response to a question but disclosed that one of the projects for Pakistan—a gas project— has been processed earlier than three months.
“Crime situation in Washington is much worse than Karachi,” Christopher Coughin remarked instantly to an observation by a journalist who asked whether the abduction of an American journalist in Karachi would deter US investors from coming to Pakistan in a big way.
“Security is a factor that affects people in Pakistan also,” David Hunter of the local US consulate said.
OPIC has business relations with Pakistan since 1955 and is being renewed following Pakistan government’s decision to join international coalition and take steps to improve the national economy.
All the members of the US officials team looked convinced of Pakistan being poised to play a significant role in the region particularly in the context of Afghanistan where a massive scale reconstruction programme is under way.
The officials will participate in the two days conference beginning from Sunday and will hold a series of meetings with the officials and business leaders in Karachi, Lahore and Islamabad.
James Lambright in his brief remarks identified the areas in which EXIM offers assistance and informed that it has supported US exports of 400 billion dollars.
Earlier, the President of the ICC Richard McCormick made a reference to the general discontentment in Pakistan on the economic package received recently during visit of President Musharraf to Washington. “Though not enough in the eyes of some, it’s a good beginning,” he remarked while pointing out that “outside perceptions of your country are being re-assessed.”
He described the theme of two days conference — an emerging crossroads for trade and investment — as most appropriate and timely. “For a crossroads is exactly where Pakistan finds itself today,” he remarked and pointed out “the world is watching with interest to see which road is taken. One route can lead to prosperity, the other to the land of missed opportunity,” McCormick said while stating “we all want former not the latter.”
He focussed on the reconstruction in Afghanistan where he believes the private sector have a vital role to play. “As Afghanistan prepares for a bold new future, it will be needing new roads, more housing, new dams, a telecom infrastructure and a fertile economic climate for small business to grow,” he observed.
While international investors look to provide all these services to Afghanistan, they will be looking for local partners.
Wasim Haqqie, Chairman Board of Investment said that Pakistan offers the best investment package to overseas investors in the region. He outlined various incentives and concessions offered to the investors.
He said that both the foreign and domestic investors have been offered a level-playing field and would operate in the identical regulatory framework, same set of laws and environment.
Tariq Rangoonwala, the President of the ICC Pakistan and Ms Maria C. Cattaui also spoke on the occasion.
More than 400 delegates are attending the two-day conference that begins from Sunday and will focus on regional foreign direct investment. Business and political leaders, both from within Pakistan and from all over the world, are participating.
Pakistan government is expected to be represented by the Commerce Minister Abdul Razak Dawood, the chairman, Privatization Commission, Altaf Saleem are expected to join the regional business leaders, aid agencies and UN officials.