Pakistan, US explore 'untapped potential' for expanding bilateral trade and investments

• Bilateral trade was valued at $6.6 billion in 2019
• US remains Pakistan’s largest export market
• New data shows Pakistan’s exports to the United States hit record levels in October ($430 million) and November ($437 million) – meaning US-Pakistan trade is sustaining jobs at a critical time

ISLAMABAD:  The United States-Pakistan Business Council (USPBC) on Thursday arranged a virtual event titled  'Explore Pakistan: Preparing for a post-COVID economy," to shed light on bilateral trade and investment initiatives between the two countries.

The third event of the series took place on December 10 and focused on 'Enhancing Business environment and promoting industrial growth in Pakistan’.

The event was attended by the Federal Minister for Industries & Production Muhammad Hammad Azhar, Pakistan's ambassador to the US Dr Asad M Khan, and Chargéd’ Affairs, a.i., at the US Embassy in Islamabad Angela Aggeler.

According to Geo News, during the meeting,  Minister Hammad Azhar said that Pakistan is determined to explore and diversify supply chains and is looking for more growth opportunities, particularly to overcome the impacts of the pandemic.

"We are committed in our resolve to remove all bottlenecks to unleash the tremendous potential of investment and trade opportunities in Pakistan.”

Ambassador Asad M Khan agreed and said that both Pakistan and the US have agreed to work together to aggressively explore and facilitate the US corporate expansion in the country.

Meanwhile, US Embassy's Chargéd’ Affairs, Angela Aggeler highlighted that bilateral trade between the two countries was valued at $6.6 billion in 2019, making the US the largest export market for Pakistan.

"Pakistan is also a growing market for US businesses," said Angela Aggeler. "Since 2018, US corporations have announced plans for more than $1.5 billion of direct investment in Pakistan.”

Read more: US supports trade and development in Pakistan, says Commerce Secretary Wilbur Ross

During the meeting, it was also revealed that Pakistan’s exports to the United States hit record levels in October ($430 million) and November ($437 million), showing that US-Pakistan trade is sustaining jobs at a critical time.