LAHORE-The Pakistan Business Forum (PBF), with the support of overseas Pakistanis, has started trade diplomacy with American economic think-tanks and chambers of commerce to strengthen economic ties between the two countries. PBF Vice President Attiq Akram Chaudhry told media on Sunday that in this regard, the forum had also appointed a focal person for the US markets as Pakistan needed more strong trade relations with the US. “We believe that a robust trade relationship between the United States and Pakistan is more important than ever to bolster Pakistan’s economic stability as it recovers from the devastating floods, besides guiding the American business community towards trade and investment opportunities in Pakistan,” he added. Attiq Akram Chaudhry said the US had long been Pakistan’s largest export market with potential for further growth, adding that US business community also believed that Pakistan-US economic relations could be expanded further particularly in the field of energy, agricultural equipment and products, franchising, retail trade, information and communications technology products and services.
PBF vice president mentioned that US companies and their local affiliates were among Pakistan’s largest employers, with roughly 80 US companies directly employing more than 120,000 Pakistanis, and US corporations, in their investment plans, had announced more than $1.5 billion for Pakistan since 2019.
Similarly, Pakistan was also committed to easing the regulatory regime and making it easier for businesses to operate in the country.
He added that US was Pakistan’s largest trading partner and export destination with a $12 billion bilateral trade volume. In 2022, Pakistan exported goods worth over $5.9 billion to America while bringing in more than $3.17 billion worth of products from the US.
He urged the US Pakistan Business Council (USPBC) to organise a comprehensive delegation to Pakistan for foster joint ventures and mutual trade interests.