Pakistan and the US would resume negotiations on the Bilateral Investment Treaty (BIT), aimed at attracting greater US investment in Pakistan. Pakistan and the US have agreed to continue dialogue on the pending issues of Bilateral Investment Treaty (BIT) to tap the investment potential, Finance Minister Mohammad Ishaq Dar said while addressing a joint press conference along with president Overseas Private Investment Corporation (OPIC), Ms. Elizabeth L. Littlefield who was heading US delegation in talks with Pakistan. Negotiations for BIT were going on since 2005, but were stalled last year after Pakistan expressed concerns over US investments in the country's defence and nuclear programmes. The Minister assured the US delegation that Pakistan was safe as well as lucrative country for investment and provides a conducive atmosphere for foreign investors.
He said Pakistan needs investment, particularly in the energy sector, and both sides agreed to enhance cooperation in energy sector with special focus on development of bio-gas and wind energy to help Pakistan overcome power crisis.
Addressing the press conference, Ms. Littlefield said the investment through OPIC into Pakistan has increased from $80 million to $300 million, witnessing manifold increase during past couple of years. OPIC works with the US private sector and helps US businesses gain footholds in emerging markets, catalyzing revenues, jobs and growth opportunities both at home and abroad. OPIC achieves its mission by providing investors with financing, guarantees, political risk insurance, and support for private equity investment funds.
