ISLAMABAD, JUL 28: Deputy Prime Minister and Foreign Minister Senator Ishaq Dar on Tuesday expressed confidence that Pakistan and the United States have the potential to double bilateral trade to $20 billion over the next five years through enhanced economic cooperation and increased investment.
He made the remarks while addressing a visiting US congressional delegation (CODEL) and a high-level American business delegation, according to a statement issued by the Ministry of Foreign Affairs.
The US congressional delegation, comprising Ryan Zinke and Michael Baumgartner, called on Dar at the Foreign Office to discuss bilateral relations, trade opportunities and avenues for strengthening economic engagement between the two countries, the statement said.
DPM Dar invited American businesses to take advantage of Pakistan’s improving investment climate.
The deputy prime minister said Pakistan attached great importance to its longstanding strategic and economic partnership with the US and was committed to expanding cooperation in trade, investment and emerging sectors.
Welcoming the delegation, DPM Dar said the visit reflected the enduring friendship between the two countries and the growing positive momentum in Pakistan-US relations.
He said Pakistan and the US, home to the world’s fifth- and third-largest populations, respectively, possessed immense potential to build a mutually beneficial partnership by leveraging each other’s economic strengths.
“The United States is Pakistan’s largest single-country export destination, with bilateral trade reaching US$9.4 billion during the last fiscal year,” he said, expressing confidence that the volume could be doubled to US$20 billion over the next five years.
The deputy prime minister said Pakistan believed in fair, balanced and reciprocal trade that created value for both economies and delivered shared prosperity for their peoples.
He noted that Pakistan remained among the largest importers of US cotton and soybeans, supporting American farmers, while also emerging as an important market for US hydrocarbons.
Likewise, Pakistan’s growing demand for advanced machinery, technology and capital goods offered significant opportunities for US manufacturers.
He said leading US companies were exploring opportunities in Pakistan’s technology, artificial intelligence, critical minerals, energy, defence and manufacturing sectors, adding that the country’s ongoing structural reforms and competitive US tariff regime had further enhanced its attractiveness as an investment destination.
Dar highlighted the role of the Special Investment Facilitation Council (SIFC), describing it as a one-window platform established to facilitate investors by streamlining approvals and ensuring effective coordination among government institutions.
He encouraged the visiting business leaders to continue engaging with the SIFC to convert emerging opportunities into long-term commercial partnerships.
“The Government of Pakistan remains committed to deepening its constructive engagement with the US government, businesses, investors and entrepreneurs to expand bilateral trade and investment across goods and services, including IT, AI, energy, manufacturing, critical minerals, agriculture and other emerging sectors,” he said.
He said Pakistan remained ready to offer competitive incentives for greater US investment, including opportunities in special economic zones and technology parks.
The deputy prime minister also expressed the hope that the US Export-Import Bank (Ex-Im Bank), the US International Development Finance Corporation (DFC) and the US Trade and Development Agency (USTDA) would continue supporting expanded trade and investment between the two countries.
Inviting American investors to become partners in Pakistan’s economic transformation, the deputy prime minister assured them that the government, under the leadership of Prime Minister Shehbaz Sharif, would continue providing full facilitation for their long-term success.
He said Pakistan’s embassy in Washington, DC, and its consulates across the US would remain available to assist American investors in connecting with relevant institutions in Pakistan.
Highlighting the broader bilateral relationship, DPM Dar said Pakistan and the US shared the common objective of promoting lasting peace, stability and prosperity.
He said Pakistan remained committed to dialogue and diplomacy as the only sustainable path towards resolving disputes and maintaining regional peace.
The deputy prime minister said Pakistan had transformed its diplomatic standing over the past few years and was now widely recognised as a responsible peacemaker contributing to regional and international stability.
He urged members of the visiting US business delegation to serve as ambassadors of Pakistan’s positive image in the US and play an active role in promoting the country’s vast economic potential and investment opportunities among the American business community.
The congressional delegation acknowledged the valuable contributions of the vibrant Pakistani diaspora to the US economy and society, recognising it as a vital bridge between Pakistan and the US.
They also exchanged views on regional and international developments. The congressmen appreciated Pakistan’s constructive role in promoting regional peace and stability.
