US pledges support for Pak economic revival

ISLAMABAD: Chargé d'Affaires at the US Embassy in Islamabad Natalie A Baker on Monday promised her country’s help to Pakistan for addressing Pakistan’s economic challenges.

“The US Mission is facilitating investment in Pakistan through diplomacy andpolicy as Pakistan looks to move beyond the economic crisis and implement difficult but necessary structural economic reforms to realise a more prosperous future,” Baker told a conference organised by the Pakistan-America Business Forum and the Rawalpindi Chamber of Commerce and Industry.

The Chargé d'Affaires said: “The US was Pakistan’s indispensable partner in the endeavour. The US-Pakistan economic partnership had been a cornerstone of the bilateral relationship, and it remained Pakistan’s best trading partner. We’re Pakistan’s largest export market globally – Pakistan sends around 16 per cent of its total exports to the United States each year. Pakistan’s exports to the United States have grown substantially over the last decade. This is a testament to the robust economic relationship we share.”

“Investors from her country had contributed enormously to Pakistan’s economic development. Over 80 US firms directly employed 120,000 Pakistanis and indirectly supported the livelihoods of over a million Pakistani workers,” Natalie A Baker added.

“These companies bring American values of openness, transparency, and responsible corporate citizenship. These businesses also drive critical research and development and provide new opportunities to local communities. This economic relationship is important for the United States – that’s why we continue to invest in Pakistan,” she said.

Baker said the US recognised Pakistan’s enormous potential as one of the world’s most populous countries, with a growing and dynamic young population. She said that in her engagements with Pakistan’s youth, she continued to be impressed by their ambitions, ideas, and commitment to a better and brighter future for their country. “That brighter future includes economic opportunities in technology, business, trade, climate resilience, and security. If Pakistan realises its potential in these areas for development, the result will benefit Pakistan and the world. We want Pakistan and its citizens to succeed and to become an economic powerhouse,” she said.

The Chargé d'Affaires said her country’s embassy in Islamabad and consulates in Karachi, Lahore, and Peshawar were committed to increasing two-way trade and investment to help Pakistan unlock its economic possibilities.

She added that her colleagues in the Foreign Commercial Service, Foreign Agriculture Service, and on the economic teams throughout Mission Pakistan were conducting the day-to-day diplomacy to grow our business relationships.

“My team works hard to connect US and Pakistani businesses, assist US investors in navigating the Pakistan market, and advocate for business climate improvements. With senior leaders throughout the Pakistani government, the US would advocate for policies meant to make it easier to invest and trade in Pakistan.”

“In our economic diplomacy, we have a secret weapon—all of you, the Pakistan-American community. Pakistanis abroad are not only innovative and entrepreneurial—they are committed to giving back to Pakistan,” she said.

She said the United States would support Pakistan through that transition. “We believe that unlocking the potential of the private sector is pivotal to that effort and this includes the Pakistani business community abroad. We envision more Pakistani-American investment and trade with Pakistan,” she said.

Baker said USAID launched the Pakistan Investment Promotion Activity in 2021 and organised Pakistan Investment Roadshows in Dubai, Riyadh, New York, San Francisco, and Washington, DC, showcasing 48 companies engaged directly with international investors.

She added that many of those investors were part of the Pakistani diaspora. “Collectively, these initiatives have helped firms raise $13 million in foreign direct investment while increasing US-Pakistan bilateral trade by $41 million and generating $14.5 million in private sector investment,” she said.

The US diplomat said that her country also looked to Pakistan to bolster its economy through the SelectUSA programme, which promoted foreign direct investment in the US. She said that in June, Pakistan sent a delegation to the SelectUSA Summit in Washington, DC. “SelectUSA is a valuable opportunity for companies like GharPar that are now looking to take their business to the next level by expanding operations into the United States. I hope all of you will consider participating in our next SelectUSA Summit on May 11-14, 2025, in National Harbour, Maryland.

“I want to emphasise again that we in the US Mission are here to help your businesses take advantage of these opportunities. All of you today are uniquely positioned to make trade and investment and bring our countries closer together, creating a brighter future for both countries,” she said.