FPCCI to ink MoU with top US chamber

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) is in the process of signing a memorandum of understanding with Brooklyn Chamber of Commerce, a statement said on Tuesday.

A decision to this effect was taken during a meeting of Ghazanfar Bilour, the president FPCCI, and Rick Russo, the acting president of the Brooklyn Chamber of Commerce, in New York.

“The MoU will be aimed at increasing cooperation, improving strategic relations, exchanging delegations, initiating joint ventures, and holding single country exhibitions,” the statement said.

During the meeting, the statement said, the Brooklyn Chamber was informed about opportunities in the CPEC, infrastructure, energy and other sectors as reduced cost of doing business due to the availability of cheap labour was underlined.

Speaking on the occasion, Malik Sohail, chairman coordination FPCCI, said Pakistan consumed 100 percent of natural gas it produces, so 51 trillion cubic feet of shale gas could be an area of future growth in Pakistan in which US companies could invest.

Karim Aziz, vice president FPCCI, said cooperation in rice, steel/iron, and Thar Coal could prove very beneficial for American investors.

Earlier speaking to US businessmen, Bilour said the US had spent over $6 trillion to win the war on terror through force with little success, therefore it should now consider using economic tools to achieve goals.

“US should give trade relaxations to Pakistan and consider initiating the project of establishing Reconstruction Opportunity Zones (RoZs) in FATA, an idea which was dumped after years of negotiations between Pakistani and the US officials,” Bilour said. “People with job opportunities that improve their quality of life are far less likely to become militants or suicide bombers.”

Bilour said the US could also become part of the China-Pakistan Economic Corridor (CPEC). “It will cement its deteriorating relations with Pakistan and China which has potential to derail the global economic recovery,” he said.

SVP of Brooklyn Chamber Melissa Chapman, Project Manager Katheryn Benedetto, Vice President Ch Shafique Anjum, President Mohmand Chamber Qaiser Khan, President Charsadda Chamber Sikandar Khan, SVP Swat Chamber Akbar Khan, Arsalan Khokar, Commercial Consular Irfan, and others were also present on that occasion.