US shows interest in renewable energy, textiles in Pakistan

ISLAMABAD: A United States' business delegation has shown interest in investing different sectors in Pakistan including renewable energy, textile, and agriculture, a statement said on Friday.

The delegation headed by Dilawar Syed, State Department’s special representative for Commercial and Business Affairs held a meeting with Finance Minister Miftah Ismail at Finance Division, where representatives of International Development Finance Corporation (DFC) and US Embassy were also present.

It was shared that the DFC is planning to revise the power purchase agreements (PPAs) of its sponsored wind power projects depending upon the support and cooperation of government of Pakistan.

The finance minister welcomed the delegation and apprised them about economic challenges being faced by the government.

The chair also apprised delegation about reforms in policies that have been undertaken by the present government to tackle these challenges.

“We're getting a glimpse of the future possibilities for an evolving US-Pakistan relationship post-Afghanistan withdrawal. State's top official on commercial affairs is now in Islamabad w/reps from DFC. This comes soon after new US amb announced a new bilateral health dialogue,” said Michael Kugelman, deputy director Asia Program.

“Notable that DFC representatives are in Islamabad. In an Asia context, DFC is often associated w/the US Indo Pacific strategy, which Pakistan doesn't appear to be a part of.

DFC itself describes Indo Pacific as "a vast region that stretches from India to Southeast Asia & the South Pacific," he added.

During the meeting, Ismail shared that the reforms aimed at enhancing the GDP growth, attracting the Foreign Direct Investment (FDI) and augmenting exports of the country.

The finance minister also shared that present government was committed to provide conducive environment for foreign investment and was also promoting foreign companies, especially involved in automobile and mobile assimilation for promotion of exports.

The US delegation showed their interest in investments in various sectors including wind, renewable energy, textile and agricultural sector.

Ismail, on concluding note, shared that the government was striving for bringing in growth in energy, export and foreign investment and every required step in this regard would be undertaken, he vowed.

Gaia Self, regional policy lead for Europe and Central Asia, DFC, Dan Froats, economic counselor, US Embassy, secretary Finance and senior officers from Finance Division and US Embassy attended the meeting.