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January 23, 2019

U.S. Commerce Secretary Pritzker Opens Economic Partnership Week in Pakistan

Islamabad, Pakistan – U.S. Secretary of Commerce Penny Pritzker inaugurated the U.S.-Pakistan Economic Partnership Week in Islamabad as part of efforts to boost bilateral trade and investment with the South Asian country.

“Global investors need to know that Pakistan is opening for business,” Secretary Pritzker said in her remarks while inaugurating the event along with Prime Minister Nawaz Sharif. “It is in the United States’ interest for Pakistan to be a stable, peaceful, and tolerant nation, with a growing economy, at peace with itself and its neighbors.”

On her first official visit to Pakistan, Secretary Pritzker thanked senior government officials for their dedication to improving the U.S.-Pakistan economic relationship, saying that economic ties between the two countries, over the years, have bolstered overall relations between the two countries, says a statement issued by the U.S. Embassy in Islamabad.

“This week, we will focus on ways to increase trade and commercial ties between our two countries and create new opportunities for Pakistan and Americans alike,” she said.

 “U.S.-Pakistan Business Opportunities Conference”

Secretary Pritzker also opened the two-day U.S.-Pakistan Business Opportunities Conference later, organized at a local hotel as part of the weeklong program which also features a working-level Trade and Investment Framework Agreement (TIFA) meeting between the Pakistani and U.S. governments and several other bilateral engagements.

The opening session of the third edition of the business opportunities conference was attended by more than 400 people, mostly from overseas.

Speaking on the occasion, Pritzker lauded the work being done by the Pakistani and American private sector companies and urged them to continue their efforts to expand trade and investment between Pakistan and the United States. “In addition to the work we do as government leaders, American businesses have a critical role to play as we seek to deepen our economic partnership around the world and here in Pakistan.”

The Chairman of the Virginia-based Pakistan American Business Association (PABA). M. Siddique Sheikh, is leading a three-member delegation to attend the moot. “I hope the event will be a big success and will help boost economic and trade ties between Pakistan and the United States,” he said prior.

This is the first such conference in Pakistan. The previous editions were held in London in 2012 and Dubai in 2013. The moot is intended to bring together Pakistani and American companies to meet face to face and build business ties.

Representatives from textile and apparel sector, footwear, agriculture, surgical instrument, energy, information technology, pharmaceuticals and infrastructure are attending the conference. Field visits have been arranged for the participant to visit factories in Sialkot, Lahore and Faisalabad.

The U.S. is Pakistan’s single largest trading partner with two-way trade touching $5.33 billion mark in 2013. U.S. companies have invested $1.3 billion in the Pakistani economy in the last seven years.

 

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