The United States is committed to maintain consistent and long term relationship with Pakistan and will try to encourage its private sector to make more investment in Pakistan.

This was said by H.E. Anne W. Patterson, US Ambassador to Pakistan while addressing the business community at Islamabad Chamber of Commerce & Industry.

She recognized that US has not desired presence in Pakistan’s oil & gas sector despite the fact that this sector offers highly profitable investment opportunities. However, she stressed that Pakistan needs to improve its investment climate to lure foreign investors. US is also encouraging its international partners to look towards Pakistan as a good investment destination, she added.

Ambassador Patterson said that US is more interested to invest in Pakistan’s energy sector and strengthen its economic base as without sustainable energy availability, it would not be possible for Pakistan to improve its industrial productivity and achieve better economic growth. She said US is cooperating with Pakistan in setting up small power plants in wind, solar and other sectors. 

She condoled with all those who have lost their near and dear ones and have suffered badly in the recent massive floods. She said that US was the first country that immediately joined Pakistan in flood relief efforts. She said that US Secretary of State Hillary Clinton also spoke to Pakistan’s Prime Minister Syed Yusuf Raza Gilani for ensuring continuous support to Pakistan in this hour of need.

US provided helicopters and financial & material support to Pakistan as a part of initial $ 10 million aid as the cost to Pakistan’s economy is mounting due to flood damages. She said US is also considering additional aid request from Pakistan and has already provided $ 245 million to it for construction of dams and water storage facilities.

US Ambassador said that Pakistan has lowest tax-to-GDP ratio in the region desired enough improvement in tax collection as no government can run its affairs without proper tax payment from its citizens. She said US is also cooperating with Pakistan in bringing tax reforms. 

In his welcome address, Mr.Zahid Maqbool, President, Islamabad Chamber of Commerce & Industry lauded US government for providing Pakistan helicopters, boats, temporary bridges and some other supplies to cope with massive floods.

However, he said that as this is the worst flood that ever visited Pakistan, therefore, our country needs far larger support from US and other countries for mitigating sufferings of flood hit people and restoring the damaged infrastructure.

He said that Pakistani products should be given greater market access in US and EU markets. He said US should encourage its power sector investors to set up hydro power projects in Pakistan and help it in exploiting other cheap energy sources.

He said US should motive its private sector to make direct investment in different sectors of our economy or enter into joint ventures. This will be the best method of strengthening Pakistan’s economy, he said. He said investment of US private sector will also boost up the confidence of international investors in our economy. 

He said Pakistan’s economy has suffered a loss of more than Rs.2-trillion due to fighting war against terror. Therefore it is the responsibility of US and other countries to fully compensate Pakistan for these huge losses.

He said business community has many reservations over new Afghan Transit Trade and US should play its role in resolving conflicting issues by taking Pakistani businessmen on board before finalizing this agreement.