US to aid $100 million to promote agriculture sector

LAHORE - The US Ambassador to Pakistan Ms Anne W Patterson has said that the United States wants long-term, broad-based relations with Pakistan and is going to announce $ 100 million package for its Agriculture sector soon.

The US Ambassador was speaking at Lahore Chamber of Commerce and Industry here on Monday. LCCI President Mohammad Ali Mian, Senior Vice President Mian Muzaffar Ali and Vice President Shafqat Saeed Piracha also spoke on the occasion. Principal Officer US Consulate Bryn D Hunt and top business community leaders including a large number of former LCCI Presidents attended the meeting.

The US Ambassador emphasized that the United States would continue and increase bilateral trade and investment in Pakistan. She said that despite some economic difficulties the volume of trade between the two countries has been increasing and the fact remains that the US is the largest single investor and the largest single donor of Pakistan. She said as many as 90 new US development projects in social sector are in the pipeline that would get a final shape as soon as the situation in Pakistan takes a positive turn. She said that as soon as the youngsters in troubled areas particularly in Tribal Areas get jobs there are little chances of improvement in situation there.

Speaking on the occasion, the LCCI President Mohammad Ali Mian said that Pakistan and United States are not only partners in war against terrorism but also enjoy remarkable trade relations with each other, which is evident from the fact that more than 80 US companies are working in Pakistan. Out of which 50 plus companies are located in Punjab province alone providing employment to more than 50,000 workers directly and over one million people indirectly.

He said that being a close ally of US, Pakistan should also be benefited from US experience in the fields of commerce, industry, education, health sciences and diplomacy.

Mohammad Ali Mian said that Pakistan's economic profile has been badly affected for being an ally of the US. It is facing mass unemployment due to cancellation of export orders from buyers. And is seeing no further industrialization and foreign investment and if the present wave of terrorism continues the sustainability of present industries cannot be ensured.

He said Pakistan textile industry is heavily dependent on US market. Almost 60% of textile products are exported to US alone. It is providing manufacturing base to large number of US brands. Therefore, Pakistan badly needs US support in shape of duty free access to its Markets to save the people of Pakistan who are fighting war against terrorism as frontline state with America. He said there is an increasing gap in demand and supply of electricity. Load-shedding and fuel shortages have seriously destabilized our economy, causing large-scale unemployment, which is ultimately leading to law and order problem and encouraging terrorism. In order to support Pakistan's economy, there is need for direct funding to the industrial set up through institutions like IFCs on low markup rates. It is believed that US companies can provide immediate solution to the tumbling Pakistan economy.

He said that to jump start economic activity we propose that US Embassy may advocate Pakistan's case among the leading businessmen to invest in small and medium projects in Pakistan and facilitate match making of Pakistan entrepreneurs with US counterparts. He said that the US government should directly start some projects in Punjab or any other part of Pakistan as it would give very positive signal to investors around the world.