Staff Reporter
Islamabad
Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh Wednesday said the arrival of the delegation from the commerce sector was a good news for Pakistan and would have positive consequences for the country.
He said this while, Secretary Commerce of the United States of America Wilbur Ross accompanying with a delegation, called on the Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh here at the Finance Division.
The adviser welcomed the secretary commerce and said Pakistan and United States had maintained a durable relationship over the years and there was a need to build it further.
He said, “This is at a time when the government is looking forward to a major boost in exports after offering concessions to the export oriented sector of Pakistan.”
The adviser also shared the updates on the economy with the US secretary of commerce. He said though the country was trying to revive the economy through stabilization reform and inviting foreign investment to the country as well as taking care of its vulnerable, the rising prices of food items, high energy prices and slow revenue generation were issues that concerned him.
He said the government’s efforts were directed towards providing ease to the common man and it would require guidance from its global partners as well.
The trade between the two countries was only around $7 billion and the country had an urgent need to increase that to help in GDP growth which required long term planning for economic development.
He said we had made a mistake in the past of not forming our alliances on the economic front based on our developmental requirements.
He felt this was the time to enable the relationship to become more long lasting on a firm footing.
The US secretary commerce said they could help Pakistan in the energy sector and the details of the projects where economic cooperation could be enhanced were being worked on.
Meanwhile, US Secretary of Commerce Wilbur Ross Wednesday called on Minister for Energy Omar Ayub Khan and Special Assistant to the Prime Minister (SAPM) on Petroleum Nadeem Babar and discussed ways and means to foster bilateral trade links.
Secretaries of Power and Petroleum Division also attended the meeting, a Petroleum Division press release said.
Wilbur Ross was leading a US Trade delegation to Pakistan that focused on methods to elevate trade and commercial ties between Pakistan and the United States.
During the meeting, Omar Ayub gave an overview of Pakistan’s Energy sector and the government efforts in reforming this sector. “These efforts are being personally overseen by Prime Minister of Pakistan himself.”
The minister called for greater US investment in Energy sector including in the areas like power generation, transmission and distribution, Artificial Intelligence, Renewable Energy, Hydel Energy and training opportunities. He reaffirmed Pakistan’s commitment to cleaner fuels and green energy.
Omar Ayub also said that Pakistan’s Energy Mix would be diversified by injecting more hydel and renewable sources in the national grid, foreseeing the share to increase by 52 percent by 2025 and 63 percent by 2030.
He welcoming the re-entry of ExxonMobil to the Pakistani market, terming it a ‘favourable development’ that could bring more companies there.
Nadeem Babar commented that Pakistan offered exciting opportunities in infrastructure development, exploration and production sectors too.
Wilbur Ross said his visit to Pakistan was part of the US government’s desire to increase trade links with Pakistan. He was of the view that such links between both the counties would not only enhance trade but also encourage further expansion of ties in all fields.
