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Pakistani environment is conducive for investment: Patterson

* US envoy to lead Pakistani delegation to attract investors for energy sector
* $1.1bn already reimbursed from coalition support fund

By Irfan Ghauri

ISLAMABAD: US Ambassador to Pakistan Anne Patterson – who would lead a delegation early next month to the US to attract investors in the energy sector – said on Wednesday that despite a peculiar law and order situation in some parts of the country, Pakistan offers a conducive environment for investment.

In an interaction with journalists at the US embassy, Patterson said the delegation – which would include energy sector executives of private firms – would hold meetings with US energy sector tycoons to brief them on the investment opportunities Pakistan had to offer.

The US ambassador said that during her visit to Houston and New York from December 3 to 7, her delegation would tap into business opportunities and apprise US businessmen on the potential of investment in the energy sector of Pakistan and partnerships with Pakistani firms. “That includes investments in hydel, thermal, wind and other sources of energy and related fields,” she added. “There is nothing wrong with laws ... (for investments). It is the security that kills us. We have to tell US businessmen that the security situation will be the same for some time, but you can earn money in difficult security,” she said, adding that while it was because of the security situation that her delegation was focusing on specific sectors, the overall investment regime in Pakistan was conducive for foreign investors. Substantiating her point, she said when she was an envoy in Colombia, there were similar tourist advisories for US citizens, but that did not stop US investors from investing in the country.

“The business environment is good in Pakistan,” said the US envoy, adding that a similar visit was arranged in April this year, and visits to attract investment in other sectors would also be arranged later. About a bilateral investment treaty, she said it was being considered, but talks on the subject had not been resumed after the new administration took charge. The ambassador said the security situation in Pakistan was not a hurdle to investment from America, as more than 60 US companies were working directly in Pakistan, while over 700 were working through their agents in various fields. The ambassador said $40 million were being disbursed to assist internally displaced persons, $80 million for the Benazir Income Support Programme and $40 million for higher education. She said $175 million would be directly provided to the government by the end of the year, while another $800 million would be transferred to Pakistan in March next year under the Kerry-Lugar law and other heads. To a question, she said reconstruction opportunity zones were separate projects, and this proposal was stalled in the US legislature because of some technical issues. About a free trade agreement between the two countries, she said the issue was taken up during US secretary of state’s visit to Pakistan. She said Pakistan received $1.1 billion as reimbursements from coalition support money last year, and this year’s claims were likely to be higher.

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