Pakistan seeks US trade, not aid, says minister

The Dawn Media Group

DUBAI: Pakistanplans to send an official delegation to the United Statesin mid-November to attract investment in a bid to revive its economy following a series of militant attacks, a senior official said on Sunday.
 
Waqar Ahmed Khan, Pakistan's minister of investment addresses the media.- Photo from APP/File

Last month, suicide bomb blasts targeted the United Nations, army headquarters, police and general public, killing more than 150 people.

'The recent attacks did have a negative impact on the perception (of the country), but at the same time Pakistan is a growing country and investors have to be in it for the long term,' Waqar Ahmed Khan, Pakistan's minister of investment, told Reuters during a visit to Dubai.

A delegation headed by Khan, along with businessmen from Pakistan, will head to Washington on Nov. 18, he said.

'From the United States we are seeking trade, not aid, because that's what's going to really help stimulate our economy,' he said, adding that opening up trade between the two countries would support political stability.

'The growth of the economy and fighting terrorism go hand-in-hand and the government is committed to protecting investors' interests.' US President Barack Obama has also said increased aid and trade will be tools to fight Islamic extremism both in Afghanistan and neighbouring Pakistan.

Congress has just approved a bill tripling aid to Pakistan to $1.5 billion a year for the next five years, but with conditions attached that have unleashed a storm of protest from Pakistanis who say the country is being humiliated.

Investment interest

Last month, a delegation headed by the Turkish prime minister was in Islamabad to discuss investment opportunities, said Khan.

'The Turkish investors are now in talks to establish textile factories, lease land for agriculture projects and are also looking at the livestock and dairy industries,' he said.

Pakistan's GDP growth is expected to be between 2.5 and 3.5 per cent in the fiscalyear 2009/10, up from 2.0 per cent in the previous year, the central bank said in its annual report released on Thursday.

'Despite all the recent attacks I think that the GDP will remain on the positive side this year, and I also expect foreign investment to increase during the forth quarter,' said Khan, without giving further details.

Net foreign investment in Pakistan fell 28.9 per cent to $671.1 million in the first three months of the 2009/10 fiscal year, beginning on July 1, compared with $943.4 million in the same period a year earlier.- Reuters