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December 1, 2020

Pakistan invites US investments

Business

December 1, 2020

ISLAMABAD: Pakistan on Monday invited US government and its private sector to lend financial supports to Pakistan for building connectivity with the Central Asian region via Afghanistan.

Minister for Economic Affairs Khusro Bakhtyar underscored need of enhanced partnership with the United Stated and the importance of regional connectivity to Central Asia via Afghanistan for greater regional integration.

“The government of Pakistan is financing important projects like Khyber-Pass Economic Corridor and CASA-1000 [Central Asia-South Asia power project] for regional connectivity,” Bakhtyar said during a virtual meeting with Angela Aggeler, chargé d' affaires at US embassy in Islamabad.

Both sides discussed matter of mutual interest and highlighted the importance of strategic and economic partnership between the two countries. Economic affairs minister proposed the foreign envoy to mobilise more financial resources for regional connectivity through private sector and USA’s Development Finance Corporation. He highlighted the importance of resumption of strategic dialogue between two countries.

“USA is providing economic assistance for a more stable, peaceful and prosperous Pakistan,” he said in a statement. The minister said Pakistan is implementing around $30 billion worth foreign-funded projects in different sectors. He appreciated the USA’s $4.2 billion support under Pakistan-enhanced partnership agreement since 2010.

Bakhtyar emphasised need of fast-tracking implementation of the ongoing projects. “Any savings / unspent funds may be reallocated for other priority areas such as climate change, low cost housing and development of newly merged districts of Khyber Pakhtunkhwa,” he said in a statement. Aggeler assured Pakistan of USA’s continued economic assistance.

Meanwhile, Bakhtyar appreciated the role of UK’s assistance in the development of Pakistan. “The government is committed to continue structural reforms in multiple areas of economy, governance and institutions including simplification of project approval and implementation mechanism,” he said during a meeting with a foreign emissary.