US company keen to invest in economic sectors

ISLAMABAD: A US company on Wednesday expressed its interest to invest in various economic sectors in Pakistan that is witnessing multibillion dollars in investment under China-Pakistan Economic Corridor (CPEC) projects.

A high level eight-member delegation of the US-based international company World Technological and Trade Inc. (WTTI), led by its Chairman Robert Y.NI, visited Intellectual Property Organization (IPO-Pakistan).

Muhammad Irfan Tarar, director general at IPO-Pakistan welcomed the delegation and briefed them about protection of Intellectual Property Rights (IPRs) in Pakistan.

“Dr. Robert said his company would like to invest in the fields of mining, information technology, robotics and pharmaceuticals and use their expertise in these areas,” an IPO’s statement said.

“He termed the meeting as a very important step towards establishing of business in Pakistan as their business would require safeguarding of IPRs.”

Chinese government pledged more than $55 billion in investment in infrastructure developments in Pakistan under CPEC, which is an integral component of China’s mega plan to strengthen its connection with the western world. At least $38 billion dollars are estimated to have been earmarked for energy projects.

Tab Ballantyne, executive vice president of the company appreciated the business environment of Pakistan.

Ballantyne said WTTI would like to take maximum benefits from the business-friendly environment.

“He urged rest of the world to stop portraying negative propaganda about Pakistan as the business environment in Pakistan has great potentials to attract foreign investment,” the statement added.

Nauman Aslam Sheikh, director general of Trade Policy at IPO informed the delegation about latest trade policy initiatives of the government of Pakistan. Sheikh said the new policies are more business and investment-friendly.

Meesaq Arif, executive director at IPO said Pakistan has been removed from the US priority watch list.

Pakistan has improved 12 points in the index from 109 in 2016-17 to 97 in 2017-18, Arif added, quoting the World Economic Forum’s Global Competitiveness Report.