Pakistan’s booming IT sector, driven by its techy savvy youth, is creating an unmatched complementarity with the United States, said Pakistan’s Ambassador to the United States.
“From a futuristic standpoint, this unique complementarity between two mega countries in the world deserves focused attention, strategic recognition and concrete action,” state the Ambassador.
In his address to U.S. business leaders, diplomats, and thought leaders at the World Trade Center in Washington D.C., Ambassador Rizwan Saeed Sheikh highlighted the economic opportunities and the 'addictive' profitability of the Pakistani market. The success of over 80 U.S. multinational companies in Pakistan for past several decades clearly reflect our profitability and potential as regional trade hub, added the Ambassador.
Reflecting on the recent escalation between Pakistan and India, the Ambassador reiterated that Pakistan does not seek conflict and values 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.
Tracing longstanding political and economic relations between Pakistan and the United States, the Ambassador 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 U.S. cotton and soybean. 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 are ongoing with U.S. agricultural councils, including the U.S. Soybean Export Council and ??? Cotton Council, to deepen agricultural trade ties.
The Ambassador highlighted the extraordinary potential for collaboration in the technology sector, underpinned by Pakistan’s youthful demographic — with 65% of the population under 30. He said that Pakistan offered a 70% cost advantage in IT services compared to the U.S. 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 6th and 7th of May,” he said.
Noting the recent investments by Barrick Gold in Pakistan’s copper reserves and the interest evinced by U.S. investors in the mineral wealth of the country, the Ambassador 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.
Drawing a powerful parallel with Mexico's role for the U.S., the Ambassador described Pakistan as a connector country in South and Central Asia — uniquely positioned to facilitate trade between the U.S., China, and the broader region.
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.”
Concluding his remarks, the Ambassador invited U.S. 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.
