Minister for Finance and Revenue, Miftah Ismail, while speaking with the delegation of the US Pakistan Business Council (USPBC) at the Embassy of Pakistan in Washington DC, said that the US corporate sector had a very long and productive relationship with Pakistan.
The Finance Minister said attracting US foreign investments in all sectors of Pakistan’s economy was the government’s top priority. The government was focused on creating a business-friendly environment and would welcome all the suggestions.
Miftah identified various areas in Pakistan’s economy, particularly agriculture, tech sector including fintech, pharmaceutical and health sectors, and digital banking where the US companies could enhance their investments in Pakistan.
Esperanza Jelalian, President of USPBC congratulated the Finance Minister and the Minister of State on assuming office. She said that a USPBC delegation would be visiting Pakistan soon to explore further opportunities for investment.
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Jelalian assured that USPBC will continue to engage with the government of Pakistan to seek mutually beneficial ways of enhancing cooperation. In their introductory remarks, the USPBC members briefed the meeting on their businesses in Pakistan and plan to enhance their presence in the Pakistani market.
Ambassador Masood Khan welcomed the participants at the Embassy. The introductory remarks were followed by an interactive session during which the Finance Minister answered the USPBC delegation’s various queries.
The meeting was attended by senior representatives of the top 12 US investors in Pakistan including Abbott, PepsiCo, Coca-Cola, Procter & Gamble, the Resource Group, TRG, Visa, Cargill, and North Shore Medical Labs, and Excelerate Energy L.P.
Other participants from Pakistan’s side included Aisha Ghaus Pasha, Minister for State for Finance, Dr. Reza Baqir, Governor State Bank of Pakistan, Secretary Finance, Deputy Governor State Bank, Additional Secretary Finance, and senior Embassy officials.
Miftah arrived in Washington on Thursday evening to attend the spring meetings of the World Bank and the International Monetary Fund (IMF). During his stay, the new federal minister will also discuss the continuation of a bailout package with the IMF. He may also have bilateral meetings with US officials. The talks between Pakistan and IMF had stalled last month over the objection raised by the credit agency on the relief package on energy and tax amnesty scheme for the industrial sector announced by the previous government.
It is expected that the Pakistani government will have to take some tough and unpopular decisions for the revival of the economy and the loan program.
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