Pak-US business conference tomorrow

ISLAMABAD: The third Pak-US Business Opportunities Conference is scheduled to be held for the first time in Islamabad from tomorrow (Tuesday) as Prime Minister Nawaz Sharif will inaugurate the conference by inviting potential US investors to declare Pakistan their future destination. In the two-day conference, US Secretary of Commerce Penny Pritzker will participate to address over 250 representatives of 100 US companiesoperating in Pakistan. “Efforts are underway to lure more US companies to invest in Pakistan,” said the Commerce Ministry officials here in background discussions on Sunday. So far two Pak-US business conferences had been held at London and Dubai and now efforts are underway to covert bilateral relations from aid to trade in years ahead.
Minister for Finance Ishaq Dar will deliver key note address during the inaugural session while Minister for Commerce Khurram Dastgir Khan will give welcome address on the first day of the conference. The Board of Investment chairman will also address the conference to lure investors to Pakistan.
There are over 100 US companies operating in Pakistan and they believe that Pakistan offers investors’ friendly policies. After entering into the IMF programme, the country’s macroeconomic situation had improved especially on external front that would provide ease to expand their investments in the country.
Pakistan’s economy is also facing some challenges especially on fiscal front as the tax to GDP ratio remained stagnant from last several years.Pakistani authorities believe that the US had continuously imposed travel advisories on their nationals visiting the country on the pretext of security environment that was hampering investment opportunities here in this part of the world.
Despite having largest share in investment in Pakistan, the overall investment in Pakistan was not up to the desired mark that compromised the future growth of the country. The overall investment had declined from around 20 percent to 12-14 percent of GDP in last few years which showed dismal picture about the growth prospects of the country in the near future.
Pakistan’s economic growth was hovering on average 3 percent of GDP but provisional figures of last fiscal year had jumped up to 4.1 percent of GDP which were bound to reduce in final estimates this year. The government had envisaged GDP growth target of 5.1 percent of GDP for the current fiscal year but independent economists say that this year growth would be hovering around 4 to 4.3 percent of GDP.