The US Ambassador to Pakistan, Anne Patterson, has said that the United State would transfer $800 million to Pakistan by the end of March next year for support of different sectors under Kerry-Lugar bill. She was talking to journalists about the 12-member delegation of Pakistani investors, which would leave for the US, led by the Ambassador.
The delegation would visit Houston, followed by Washington, from December 3 to 7 aiming at motivating the partner firms to pour more investment in the energy sector of Pakistan. The Ambassador said that Pakistan would also receive $350 million outstanding funds under the Coalition Support Fund (CSF) by next month, which would go to Benazir Income Support Program (BISP), IDPs and Higher Education Commission.
Patterson further said that 63 US companies are presently working in Pakistan with $1.5 billion stocks and made investment of $868.9 million during 2008-09 contributing Rs 41 billion to the tax revenue. She said that US is the largest investor in Pakistan and its 63 firms have provided jobs to 41,000 persons, besides contributing huge tax revenue.
The Ambassador said that the delegation would focus on the energy sector to motivate the investors for pouring money in exploration, power generation and refineries to overcome the energy crisis in Pakistan. Patterson said that the delegation would give investment proposals to the US partners and would motivate them that energy sector in Pakistan has significant opportunities for investment. She said that it is need of the hour to tell the investors that the security situation is not bad all over Pakistan, except a few places.
The US Ambassador said that there is no plan to withdraw the travel advisory issued to the US citizens about Pakistan, saying that it is not hindering investment. It was second of such delegations who visited the US. The previous delegation visited in April last, which had positive outcome, she added.
She said that energy sector in Pakistan has significant opportunity, which needs investment. She said that the delegates would give proposals to their partners for investment in petroleum exploration, energy generation, and refinery sector. She said that there is nothing wrong with the investment laws in Pakistan but there are some security issues. However, she said, energy sector has no more security concerns.
She said that ROZs bill has been stalled in the US Congress due to technical reasons. The Ambassador said that there is need of serious talks between Pakistan and US for joint free investment treaty. Saleem Mandviwalla, Chairman of Board of Investment was also present at the briefing. He said that Pakistan is providing a platform and facilitations for the US partners to make investment. He added that the delegation would persuade the investors that the energy sector in Pakistan has significant opportunities for investment.
The delegation members include William Center, Commercial Counsellor, US Embassy, Islamabad, Shahzad Qasim, CEO, Creative Energy Resources Corporation, Ubaid Amanullah, General Manager, GuI Ahmed Energy Ltd, Sohail Tabba, CEO, Lucky Energy (Pvt) Ltd, Javed Saifullah Khan, Chairman, Saif Group, Jehangir Saifullah Khan, Director, Saif Group, Khalid Rahman, Chief Executive, Pakistan Petroleum Ltd, Lieutenant General (Retd) Hamid Rab Nawaz, Managing Director, Fauji Foundation, Jamal Ansari, CEO, Akbar Associates (Pvt) Ltd, and Nadeem Babar, CEO, Orient Power Co Ltd.