WASHINGTON, May 30 (APP): Pakistan’s Ambassador to the United States Rizwan Saeed Sheikh on Friday said that Pakistan’s booming IT sector, driven by its tech-savvy youth, was creating an unmatched complementarity with the United States.
The ambassador, in his address to the US business leaders, diplomats, and thought leaders at the World Trade Center here, said that from a futuristic standpoint, this unique complementarity between the two countries in the world deserves focused attention, strategic recognition and concrete action.
Highlighting the economic opportunities and the ‘addictive’ profitability of the Pakistani market, he said that the success of over 80 US multinational companies in Pakistan for the past several decades clearly reflected Pakistan’s profitability and potential as regional trade hub.
Regarding the recent escalation between Pakistan and India, the ambassador reiterated that Pakistan did not seek conflict and valued peace above all.
“While there is a sense of national pride over the success in thwarting aggression, we don’t want to do it again. We are a peace-loving country. At the very time this escalation took place, we were in the middle of a positive economic trajectory,” observed the Ambassador.
Regarding the US-Pakistan political and economic relations, the envoy highlighted that the trade deficit between the two countries was insignificant.
He pointed out that Pakistan ranked 33rd in terms of trade deficit with the United States — a modest figure of $3.1 to $3.4 billion. “This is a manageable gap that can be bridged through increased imports, such as US cotton and soybeans. Pakistan is already one of the largest importers of American cotton, a key input for our thriving textile industry.”
The ambassador also noted that discussions were ongoing with US agricultural councils, including the US Soybean Export Council and Cotton Council, to deepen agricultural trade ties.
The ambassador highlighted that Pakistan offered a 70% cost advantage in IT services compared to the US and 20-30% to any of our global competitors.
“We are not only cost-effective but also quality-competitive, as demonstrated in some of the world’s most demanding technological arenas, as exemplified by the high-tech and singularly successful aerial combat on the night between the 6th and 7th of May,” he said.
Noting the recent investments by Barrick Gold in Pakistan’s copper reserves and the interest evinced by US investors in the mineral wealth of the country, Ambassador Sheikh reiterated that Pakistan could be the next Saudi Arabia of copper.
“Pakistan intends to tokenize and digitize its mineral assets,” creating new avenues for U.S. FinTech investment and collaboration, observed the ambassador.
The Ambassador also noted the important role of around one million Pakistani-American diaspora in strengthening bilateral ties and people-to-people contacts. “Our diaspora has done exceptionally well and can be a powerful force multiplier in amplifying and facilitating U.S.-Pakistan economic engagement.”
He also invited the US corporations, state governments, and economic stakeholders to explore a huge market of 250 million and take advantage of huge economic opportunities available in the country.