WASHINGTON, Nov 28:United States is planning to send 15 trade delegations to Pakistan in 2020 in order to explore possibilities for expanding trade with the country, Assistant Secretary of State Alice Wells has said.
The information is included in a paper Ms Wells read at a Washington think-tank, Wilson Centre, last week, but it also included various suggestions for expanding US-Pakistan trade ties, Pakistan newspaper Dawn reported.
The paper, now posted at the US State Department’s official site, says that the US Commerce Department has already stepped up its activity in Pakistan with 15 trade delegations planned for the next year. And once the new expanded Deve?lopment Finance Corporation (DFC) is up and running, “Pakistan is going to be a country of great interest”.
According to the paper, the DFC will have more than double the investment cap than the Overseas Private Investment Corporation (OPIC), increasing from $29 billion to $60bn. OPIC is a US government agency which mobilises private capital for overseas investments.
The paper argues that doubling the cap would enable investment in projects that have high standards and are financially sustainable over the long haul.
While urging Pakistan to benefit from these additional US resources, Ms Wells reminded Islamabad last week that “true sustainable development is really a marathon and not a sprint. It requires the development of effective regulatory framework, strong rule of law, fiscal health, and an enabling business climate”.
She recalled that during Prime Minister Imran Khan’s visit to the United States in July, President Donald Trump was “extremely enthusiastic about the potential for increasing and expanding our US-Pakistan trade and investment relationship. And both our governments are working very hard to find practical ways to do that. We commend Pakistan for surging 28 slots on the World Bank’s 2020 Ease of Doing Business ranking and being highlighted as one of the top ten reformers globally,” she added.
(UNI)
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