In 2019, Pakistani exports to the US were increased by 6% as compared to the same period last year.
More than 25 Chinese companies had made agreements for investments in Faisalabad.
First Special Economic Zone
Businessmen from the US have shown interest to invest in the CPEC’s first Special Economic Zone (SEZ) due to substantial market potential and improved governance of Pakistan.
The President of the Pakistan American Business Forum (PBAF), Riaz Hussain, during a meeting with the Chairman of the FIEDMC, Mian Kashif Ashfaq, discusses the business potential in various sectors US companies.
The main agenda of the meeting was to identify potential areas for trade, said a press release.
Mian Kashif Ashfaq said the FIEDMC is following the vision of PM Imran Khan. The vision of the PM is to expand top facilities to the business community and provide services to the foreign and local manufacturers.
Ashfaq further said that industries under the export processing would be excluded from tax. Moreover, plants, apparatus, crude material, and other tools would be imported duty-free.
Twenty-five Chinese Companies
“More than 25 Chinese companies had made agreements for investments in Faisalabad. The US has titled 2020 as Partners for Prosperity Year, which can only be materialized once we have an increase in people-to-people contact. Also, enhanced cooperation with key organizations in both countries is required to ensure cohesive and coordinated strategies in promoting U.S private sector interests in Pakistan,” said Mian Kasif.
Key objectives concerning Pakistan and US trade relations:
- In 2019, Pakistani exports to the US were increased by 6% as compared to the same period last year.
- In 2018, the bilateral trade was estimated at $6.6 million.
- With the new reforms, the business conditions of Pakistan has improved considerably.
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