A high-level delegation of the Pakistan American Chicagoland Chamber of Commerce, led by its President Naveed Anwar, visited the Lahore Chamber of Commerce and Industry (LCCI) on Monday.
Speaking on the occasion, Naveed Anwar said that Pakistani businessmen living in the US are deeply committed to Pakistan and want to contribute to economic stability. He shared that discussions with US Senate representatives highlighted the strong potential of Pakistan’s pharmaceutical industry.
However, he regretted that currently, no Pakistani pharmaceutical company is FDA-compliant, which has held the sector back. He said regulatory complications and quality control issues are major obstacles. He added that after tariffs were imposed on India’s pharmaceutical industry, new opportunities have emerged for Pakistan, but quality remains a serious challenge. He assured that the Chicago Chamber will fully support Pakistani businessmen.
Dr Sameer Shafii said that strict visa policies in the US have created a shortage of human resources, forcing American companies to look for outsourcing options. He suggested establishing special facilitation centres in Pakistan for such companies, as there is significant potential in this area.
He also pointed out that overseas Pakistanis face difficulties in taking their capital out of Pakistan after investing, which has reduced investment inflows. Regulatory issues and the lack of ease of doing business are major hurdles.
LCCI President Faheem ur Rehman Saigol said that Pakistan can increase its exports to $10 billion by effectively using the tariff structure. He said that Pakistan has mostly focused on the traditional sector, especially garments, but now needs to explore new products to boost exports. He stressed the importance of moving beyond the five traditional sectors and focusing on IT, minerals, agriculture and other emerging sectors, which are also being prioritised by the government and SIFC.
He highlighted the important role of the Pakistani community in the United States and stressed the need to benefit from their business networks and expertise. He also emphasised the need to strengthen coordination with all joint chambers. He added that exporting skilled human resources has great potential, which can increase both exports and remittances.
Mr Saigol said that a comprehensive strategy is needed to send skilled labour to other countries to further increase remittances. He reaffirmed that LCCI, the overseas Pakistani business community and relevant institutions will work together to resolve these issues and continue joint efforts to boost exports, investment and economic growth.
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