KARACHI: Pakistan’s export to and from USA remained steady during the peak of the COVID-19 pandemic despite the fact that Pakistan is the third largest exporter to USA for home textile.
It was told to the participants of an investment webinar chaired by Governor Sindh Imran Ismail at the Governor’s House on Monday. The webinar was organized in collaboration with the Consulate General of Pakistan in Los Angeles USA, said a statement.
Director General, Trade Development Authority of Pakistan (TDAP), DG, Board of Investment, Joint Director (Policy & Sector Growth), Ministry of Information Technology and Telecommunications, Director Finance & Projects, Pakistan Software Export Board, CEO, SEZ, Investment Department of Sindh; Senior Manager (I.T), Information Technology Department of Sindh; Deputy Director, Industries, Industries and Commerce Department of Sindh; Chairman, ABAD, Karachi; Senior Representatives of APTMA, Karachi; and FPCCI, Karachi; and Chairman, Pakistan Software House Association, Islamabad attended the event.
Likewise, Consul General of Pakistan at Los Angeles, Abdul Jabbar Memon and overseas Pakistani investors in USA, took part in the webinar through video link. Abdul Jabbar Memon in his opening remarks said that the webinar will provide an opportunity to coordinate directly with the overseas Pakistani Investors in USA.
Pakistan’s export to and from USA have also remained steady during the peak of the COVID-19 pandemic. “In 2019 and 2020, the total exports remained over US$ 3.9 Billion and imports US$ 2.9 Billion. The total bilateral trade was recorded at US$ 6.8 Billion “, it was further informed.
The Governor of Sindh observed that Pakistan’s economy remains resilient despite the impact of COVID-19. He emphasized that Pakistan is an ideal destination for investment from the viewpoint of its geopolitical importance, abundant natural and human resources, as well as strong policy and structural reforms.
He also highlighted the launching of green bonds as well as WAPDA bonds by the government, and said that such initiatives were appreciated and acknowledged widely by the international investors and oversees Pakistanis.
He said “Naya Housing Program was initiated to promote housing industry and to ensure ease of business for the investors with couple of timely decisions and incentives. Roshan Digital account is also started to facilitate oversees Pakistanis. SEZs in Pakistan offer special incentives to the investors and it is ideal for oversees Pakistanis to invest”, he added.
Imran Ismail also listed the target sectors available for the investors including Information Technology, telecommunication, textile & apparel, housing & construction, e-commerce, tourism & hospitality and automobiles.
The Governor Sindh said that “Pakistan boasts a resurgent economy, strong democracy, an independent media, principled judiciary and vocal civil society.
It’s textile industry has always been one of the strongest. The IT industry has seen a rapid growth of more than 70 percent in the last three years. E-commerce is one of the leading factors for this growth as in 2021 alone the industry has grown over 30 percent.
The growing trend is mainly due to the streamlined regulatory process of Pakistan as it provides foreign IT investors 100 percent repatriation of profit, 100 percent equity and more than 70 percent of savings in annual operation expenses”.
The representatives from the investment and trade departments and offices at Islamabad and Karachi discussed about the business climate and potential sectors for investments, as well as the availability of Special Economic Zones (SEZs) for the investors.
The representatives from the private sectors mostly from trade & industry associations, ABAD; and separately the oversees Pakistanis investors from USA through video link, also contributed valuable input and expressed their willingness to assist and augment the endeavors of the government.
Later, interactive session focused on the present COVID-19 situation and its impact on Pakistan economy, the progress of business, trade & investment and business opportunities in the highlighted sectors.
