Helping Hand..

Pakistan is a potential market for entrepreneurs as many US-based companies are already doing good business in the country. PHOTO: FILE

FAISALABAD: The United States Consulate head of economic section assured Pakistani businessmen that Pakistan was an important country in the region, and the US wanted to further deepen economic ties and expand trade and investment.

While addressing businessmen at the Pakistan Textile Exporters Association (PTEA) on Tuesday, US Consulate Lahore Head of Economic Section Doreen P Bailey said that the US believed that strong business relations were vital to lay the foundation for long-term sustainable relations between the two countries.

The US wants to help Pakistan in the energy sector and entrepreneurship development as progress in these areas will put the country on the path to better economic growth, Bailey said. Pakistan is a potential market for entrepreneurs as many US-based companies are already doing good business in the country. However, she stressed that the Pakistani private sector should push for further regulatory reforms that were needed to foster greater trade and investment opportunities.

Bailey was optimistic that the resumption of Pakistan and US strategic dialogue would pave way for faster, deeper, broader and more comprehensive partnership between the two countries.

She admitted that there existed a vast potential for Pakistan to become a developed economy, but it was only suffering due to lack of technology. The US was keen and taking all possible measures to remove the hurdles in the way of expanded bilateral economic relationship, she added.

There was a need to make all out efforts to highlight Pakistan’s potential so that foreign investors could invest in sectors of their choice.

Sheikh Ilyas Mehmood, chairman of the PTEA, lauded US efforts for cooperating with Pakistan in the energy sector. Pakistan’s exports to the US, which range from $3.7 billion to $4 billion, can be enhanced to $6 billion, but it would require greater access to the US and transfer of technology, he added.

Mehmood also asked the US policymakers to give attention to the free trade agreement with Pakistan.