Pakistan invites US firms to bring in investment & advanced technology

Pakistani Federal Minister for Information Shibli Faraz says his country would welcome investment by American companies. He also expressed desire for US companies to bring in advanced technology.

During a meeting with US charge d’affaires Angela Aggeler, the minister said that Islamabad highly values its relations with Washington and is ready to further strengthen cooperation. Aggeler agreed with the minister’s views on promoting the two countries’ economic cooperation.

While discussing new forms of cooperation during the coronavirus pandemic, Faraz said that the digital outreach has greatly helped business activities and transactions to go online. “It has been a great learning experience for us,” he said.

The US has been one of the top investors in Pakistan over the last two decades, with major investments concentrated in consumer goods, chemicals, energy, agriculture, business process outsourcing, transportation, and communications. It is also Pakistan’s largest export destination country, with the two nations’ bilateral trade amounting to $6.5 billion last year. 

Pakistan saw unprecedented inflows of foreign money last year as investors were lured by high interest rates and promises of economic reform. According to Abdul Hafeez Shaikh, financial adviser to Prime Minister Imran Khan, foreign direct investment surged by 200 percent in the first half of 2019. Global investors bought one-year bonds worth $642 million in November alone.

For more stories on economy & finance visit RT's business section