Business community welcomes America’s new strategy to strengthen Pakistan’s economy

ISLAMABAD, Mar 29 (APP): The businessmen in a meeting held at here Chamber of Commerce and Industry welcomed US President Barack Obama’s initiatives to strengthen Pakistan’s economy by pledging US $ 1.5 billion in annual aid to the country over the next five years for building schools, roads and hospital and strengthen democratic institutions. 

The meeting was held here under the chairmanship of its President Mian Shaukat Masud said the prudent utilization of this aid package will create many new opportunities for economic growth. 

They also welcomed US strategy review of policy towards Afghanistan and Pakistan, particularly its emphasis on a regional cooperation and solution and added that regional issues can best be resolved by adopting a regional approach with the support of regional powers. 

Mian Shaukat Masud also welcomed US move to pass legislation for establishing reconstruction opportunity zones (ROZs) along the Pak‑Afghan border and goods produced in these zones could be exported duty free to the United States. 

He said these ROZs will create a lot of employment opportunities for local population engaging them in productive activities, bringing positive change in their living standards and reducing the phenomenon of militancy. 

He also appreciated the role of business counterparts in USA for lobbying with the government and convincing to cut tariff on Pakistan textiles. 

He said that stronger economic ties with Pakistan would help advance American geopolitical goals in South Asia while economically stronger Pakistan would be in the best interest of USA and the whole World due to its strategic position. 

The ICCI President said Pakistan has suffered immensely on account of fighting war against terrorism and the optimum way to compensate Pakistan for economic losses is to provide it more easy access to US and European markets along with enhancing investment in Pakistan by these countries. 

He said the best option to tackle the phenomenon of terrorism, extremism and militancy is to step up the pace of developmental projects in these areas with the active participation and enhanced role of private sector.