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United States rules out duty-free access for Pakistani exports
 admin May 3, 2010, 06:23:42 AM 

KARACHI: The US ambassador to Pakistan on Tuesday ruled out the possibility of giving Pakistani exporters duty-free access to the American market. Speaking at the inauguration ceremony of new secretariat of American Business Council in Karachi, Anne W Patterson said it was not possible under the current economic conditions. The Ambassador said that she was encouraging US investors to grab investment opportunities in Pakistan. “I know the security situation is precarious in much of Pakistan. Many countries, including my own, are suffering through a recession. Still, I encourage Americans to look at Pakistan as a good long-term investment opportunity.” She said that US was working to develop reconstruction opportunity zones (ROZs) in areas of Pakistan bordering Afghanistan to provide employment to people. “Ambassador Holbrooke speaks regularly with U.S. legislators to explain the benefits these zones will bring to Pakistani people in the border areas,” she said. ”The Reconstruction Opportunity Zones will also offer opportunities for new investment by American firms — not just in the manufacturing, but in building infrastructure,” she said. “We are also assisting the Government of Pakistan to develop and implement the legal, trade and labor regulatory framework for successful ROZ operations.” She said they also wanted to encourage Pakistanis living in United States to invest in Pakistan. In the United States, the Pakistani-American community is prosperous and should naturally be attracted to local investment opportunities. “Beefing up the percentage of intra-regional trade in South Asia is an important priority for all countries in the region,” she said, implying the need for Pakistan and India to increase their bilateral trade. The US was also encouraging development of logistics between Karachi port and Central Asian states, she said. Speaking earlier, ABC president Asif Jooma said that the number of ABC members would soon grow from 66 to 70. He said that ABC had developed an in-house think tank facility to guide the government on investment policies and what foreign investors would need in future. staff report

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