US recognises Pakistan as an important market with great potential to grow in near term

US recognises Pakistan as an important market with great potential to grow in near term

WASHINGTON - The US Department of Commerce on Thursday recognized Pakistan as an important market with the great potential to grow its economy in the near term.

The US has always helped Pakistan overcome challenges and its stability is important for the region, it said.

The Deputy Assistant Secretary for Asia Diane Farrell, Acting Director of Investment Services Helen Hwang, and other officials said this while talking to a delegation led by President FPCCI Ghazanfar Bilour.

They said that trade has become an important tool to forge good relations and they encourage Pakistani investors to explore investment opportunities in the U.S.

US remains the largest export destination for Pakistan and a major source of foreign direct investment while Pakistan remains an attractive market for some US companies due toáfavorableádemographics and a growing middle class, they said.

There are some trade and investment barriers that limit the ability of US companies to enter the market and grow their businesses in Pakistan which should be considered, they added.

The US officials said that the US-Pakistan total trade in goods is up nearly 20ápercentásince 2013, reaching nearly $6.4 billion in 2017 while US exports to Pakistan are at an all-time high and up some 70ápercentáover the same period.

The officials of the commerce department welcomed FPCCI to ink agreements with different chambers of commerce and invited Pakistani business community to participate in the ôThe Select USA Investment Summitö from June 10-12, 2019 in Washington D.C., which was accepted.

At the occasion, President FPCCI Ghazanfar Bilour said that US should consider establishing Reconstruction Opportunity Zones (RoZs) in FATA to overcome militancy.