Speakers at Houston conference call for boosting US-Pakistan economic ties

Washington: Speakers at a ‘Conference on Diplomacy for Development”, held in Houston, Texas, called for deepening the economic relationship between Pakistan and the United States in order to bring the two countries even closer together.

The Conference was organized by the International Academy of Letters USA, the Rupani Foundation, and the Ismaili Council for the South Western USA.

Pakistan’s Ambassador to the US, Masood Khan, and the US Principal Deputy Assistant Secretary, Bureau of South and Central Asian Affairs, Elizabeth Horst, jointly chaired a session on the “Role of Trade Diplomacy in Pakistan-US relations”.

The session was attended by thirty-five prominent Pak-American businessmen, entrepreneurs, professionals and area experts having successful business ventures and who are also investing in different projects in Pakistan, according to a press release of the Pakistan embassy.

Dr. Tanvir Ahmed, a businessman, underscored the importance of investment in education and health sector which he said was critical in enhancing productivity of the young population.

Dr. Azeem-ud-Din, a pediatric hematologist-oncologist in Houston, highlighted his efforts in promoting and projecting Islamic art. He emphasized the need for greater efforts to introduce Pakistan, its culture and its products to the US audience.

Muhammad Saeed Sheikh, President, Houston Karachi Sister City Association, underscored the need for greater exchanges, especially trade delegations between Pakistan and the US for building strong linkages between the business communities of the two countries.

Nasruddin Rupani, Chairman Rupani Foundation and the Ibn-e-Sina Foundation, called for putting greater focus on ‘impact investment’. He briefed the participant about GB Invest initiative which aims at promoting investments in Gilgit Baltistan, ab region most suited for ‘impacy investment.’

Ilyas Baig, alsso a businessman, appreciated the establishment of Special Facilitation Investment Council which he said was critical for improving investment climate.

Mohsin Siddiqui, Oil and Gas sector expert, underscored the need for ensuring rule of law and providing necessary support and facilitation to businesses coming from the United States.

Ms. Mehnaz Zaidi highlighted the importance of ensuring greater female participation in the workforce and providing them with more opportunities to emerge as successful entrepreneurs.

Farhan Shabbir suggested that indigenous resources of energy should be explored for inexpensive energy. Another participant emphasized upon the need for ensuring necessary infrastructure and protections to the investors.

Other speakers, including Maryam Khan, Sarah Sheikh, Ilyas Chaudhry, highlighted existing potential and the issues in way to greater investment and strengthening of Pak-US economic relations.

In his concluding remarks, Ambassador Masood Khan said efforts were being made by Pakistan and the United States to strengthen economic ties. In this regard, he lauded the efforts being made by the U.S. Ambassador to Pakistan, Donald Blome, especially his visits to industrial hubs in Pakistan.

Discussing the availability of funds, Masood Khan noted that U.S. International Development Finance Corporation (DFC) was offering one billion dollar a year if the investors qualified by having required competence and credentials. Previously the DFC was reluctant to lend money if there was no American in any project. He also highlighted the role of International Finance Corporation in supporting funding requirements of the investors and the business community.

He identified IT sector of the country as an important sector which was not competing with any other sector. “It has its own domain and dimensions,” he said. He also recounted manufacturing, oil and gas sector and tourism, especially eco, adventure and religious tourism.

The Ambassador said that the American-Pakistani business community could help Pakistan in making transition to new technologies. He said that universities all over Pakistan were teaching new technologies to the students and preparing them to brace the challenges of the modern world.

In response to an observation regarding women participation in the development process, Masood Khan said that the women of Pakistan were not only becoming part of the workforce but outcompeting men in various sectors of economy.

Ms. Horst, the principal deputy assistant secretary of state acknowledged the successes being achieved by Pak-American business community and professionals.

“The amount of knowledge and expertise is staggering. Your success is inspirational. If we could find a way to harness these ideas and the goodwill that you have shared, I am confident that we would be able to find a future which is better for both Pakistan and the United States” Ms. Horst said.

At another session of the conference, Masood Khan urged Pakistani-Americans to scale up their investments in the country,

“Pakistan is witnessing economic and digital revolution with its tech-savvy youth, new sectors of economy opening up and the womenfolk joining its workforce,” he said, pointing out that Pakistan’s rich natural resources and enormous investment opportunities in multiple sectors of the economy. Indeed, “Pakistan is a treasure trove.”

Addressing the session on ‘Investment Opportunities in Pakistan’, the Ambassador said that time was ripe for the investors to bring their excess capacity to Pakistan and reap huge economic dividends.

Moderated by Sobat Khawaja, the panelists included renowned expert in energy and asset management Riaz Siddiqui, Shahzad Bashir, skilled in Management, Mergers and Acquisitions, Corporate Governance, Start-ups, and leadership and healthcare expert Mohammad Shafiq Ahmed.

Salaman Lalani, Pakistani-American Assembly member in Texas State Capitol, gave the opening remarks which were followed by moderated discussion between the panelists.

Attending the session were Ms. Horst, State Department officials, Pakistan’s Consul General in Houston, Mohammad Aftab Chaudhry, and community leaders, entrepreneurs and members of business community were present during the session.

The participants were of the view that the diaspora needed to be a proactive partner and not a spectator in the economic development of Pakistan.

Despite economic constraints during recent times, Pakistan presented itself as an attractive destination for investment, they said. The presence of abundant natural resources and 60% young population was an asset for Pakistan which needed to be harnessed.

Masood Khan said that contrary to the impression of shortage of skilled workforce, the youth of Pakistan nowadays was equipped with the state of the art knowledge and expertise from leading universities of the world.