LCCI, USTDA agree to pace up work on transport sector

LAHORE (APP) - Lahore Chamber of Commerce and Industry (LCCI) and US Trade Development Agency have agreed to expedite work on potential avenues in transport sector for possible USTDA financial and technical assistance.
Both the bodies agreed in a call on meeting between LCCI Vice President Faisal Iqbal Sheikh, executive committee members and USTDA team comprising Dr. James Peter Rizer and Zafar Iqbal here Monday. The LCCI gave an update on local transport sector to a two-member team from US Trade Development Agency for seeking their technical and financial assistance for its upgradation.
Speaking on the occasion, Dr. James Peter Rizer, the leader of the US delegation, informed the participants about the objectives of the USTDA teams visit and said that the US Trade and Development Agency funds various forms of technical assistance, feasibility studies, training, orientation visits and business workshops that support the development of a modern infrastructure and a fair and open trading environment.
He said that USTDAs strategic use of foreign assistance funds to support sound investment policy and decision-making in host countries creates an enabling environment for trade, investment and sustainable economic development. In carrying out its mission, USTDA gives emphasis to economic sectors that can benefit from US exports of goods and services.
In his address, the LCCI Vice President Faisal Iqbal Sheikh said that Pakistan has a reasonably developed transport infrastructure and there is a big scope in transport sector especially in bus and truck manufacturing. He said that despite recession and economic meltdown, only transport sector has shown good results and this is an ample proof that this important sector has the ability to expand further.
He informed the US team that Pakistan Railways has enormous potential, the network of railway tracks consists of the main North South corridor, connecting the Karachi ports to the primary production and population centers in Pakistan.
The LCCI Vice President said that USTDA assistance could help Pakistans transport sector become the best economic sector. Although Pakistan is passing through bad times, yet it is hoped that his temporary phase would be over and the country would become the hub of business activities.
The importance of transport sector is going to become center of focus because Pakistan is located at a point that is the gateway to China, Afghanistan and Central Asia and entire trade is to be made through this route. This shows that if proper tapping of the potential is ensured the sector will reach higher ranks of prosperity.
Dr. James Rizer is an expert conducting economic, socio-economic planning and policy analysis for transportation, infrastructure and natural resources sectors. His international project experience covers a wide variety of developing countries.