Innovation is key to Pakistan's economic development: US Ambassador

Innovation is key to Pakistan's economic development: US Ambassador

ISLAMABAD (APP): American Ambassador to Pakistan David Hale, Friday said the United States and Pakistan are closely aligned on the key goal of Pakistan's economic development, and that innovation is key to achieving this goal.

Delivering remarks at the opening of the two-day 'Leaders in Islamabad Business Summit,' organized by Nutshell Forum in collaboration with the Ministry of Planning, Development, and Reforms in Islamabad, Ambassador Hale said, "We work together fostering economic growth, increasing bilateral trade, improving the investment climate, protecting intellectual property and promoting entrepreneurship."

Highlighting the untapped potential for growth in the US-Pakistan economic relationship, Ambassador Hale observed that American companies were increasing their presence in Pakistan.

He said, "From some of our largest manufacturers and infrastructure companies, to small and medium services companies, the American private sector is finding Pakistan to be an increasingly attractive market.

American business leaders praise the quality of people that they work with, and the interest that Pakistan's business community has shown in American products."

He added, "The biggest challenge - for Pakistan as well as for America and all other economies - is for governments to be flexible enough to facilitate and support the new business models and innovation that entrepreneurs are developing in such a fast-changing global economy."

Ambassador Hale said the summit participants share a fundamental desire for stability and prosperity, and there were opportunities in business and beyond to 'innovate for the future' to help both countries achieve their fullest potential.

He also noted that the US relationship with Pakistan was founded in people-to-people ties. "These ties are built in many ways, including through business, trade and exchange programs. We are very proud of the large community of alumni of our exchange programs," he said.

More than six hundred delegates from Pakistan, China, Bahrain, Canada, Qatar, UAE and the US attended the business summit that featured debates, dialogue, cross-cutting discussions, music and local cultural performances.