LAHORE: The private sectors in Pakistan and the United States should play a role to further strengthen trade and economic ties between the two countries.

Talking to the Economic and Political Officer US Embassy Islamabad, Andrew Douhler, at the Lahore Chamber of Commerce and Industry (LCCI), LCCI Senior Vice President Almas Hyder and Vice President Nasir Saeed said that great potential exists in both countries, which could be exploited through B2B contacts and joint ventures in various economic sectors.

They said that the US Consulate is playing a commendable role in developing working relations with various segments of the society in general and the business community in particular.

The US has been a very important trading partner of Pakistan for decades, said the officials, adding that there are very few countries against which Pakistan enjoys a favourable balance of trade.

They said that considering the role Pakistan has been playing for the US in various fields; the business community expects to have greater access to its market.

The LCCI office-bearers said that B2B contacts hold the key to untapped potential of trade. For that matter, frequent exchange of trade delegations was very important.

Last year, a trade delegation from LCCI visited the US and the delegates had successful meetings with their American counterparts. Visits of delegations from the US to Pakistan on reciprocal basis could play an important role to increase mutual trade, the LCCI officials added.

They said that Pakistan is currently facing challenges in increasing FDI as well as attracting new investors.