Dinner in Honor of President Pervez Musharraf - Opening Remarks by Chairman John Bachmann

On: Dinner in Honor of President Pervez Musharraf - Opening Remarks
To: President Pervez Musharraf and guests
From: Chairman John Bachmann
Date: September 20, 2004

St. Regis Hotel, New York
September 20, 2004

Mr. President, Ambassador Designate Karamat, Charge d'Affairs Sadiq, Mr. Stephen Reinemund, Mr. Stanley Fischer, Mr. Ahmet Bozer, Excellencies, distinguished guests, ladies and gentleman.

It is my great honor to welcome you tonight on behalf of the United States Chamber of Commerce and the U.S.-Pakistan Business Council.

Mr. President, your presence here symbolizes the strong economic and political relationship between Pakistan and the United States – and the intention of making it even stronger.

I'd like to begin by recognizing the companies that have made this event possible, including The Coca-Cola Company, Citigroup, PepsiCo, The Boeing Company, Ledtronics, Motorola, Netsol Technologies, Sweetwater International, and World Bridge Connect.

All are members of the U.S.-Pakistan Business Council, the leader in promoting U.S. foreign direct investment to Pakistan.

Some companies represented here have invested in Pakistan since the time of partition. Other companies have invested more recently, and still others are exploring investment opportunities.

But no matter what their history is in Pakistan, they are all drawn here tonight by the great promise of economic growth and prosperity that your country offers.

I'm pleased that we're gathered in New York, a city unlike any other. The Chamber just recently opened an office here, expanding our reach that includes offices in Brussels, Hong Kong, and of course, Washington – not to mention the nearly 100 American Chambers of Commerce abroad that are part of the Chamber Federation.

We opened an office in New York to strengthen our relationships with the financial and international business institutions located here and to make available to them the many resources the U.S. Chamber offers.

Being in New York in September brings to mind an event forever ingrained in our collective psyche – September 11, 2001. Just a few miles from here a little more than three years ago, the world as we knew it changed forever.

Americans that day learned there are people in the world who despise freedom, democracy, and opportunity enough to kill thousands of innocent people over it. And America is certainly not the only target. Numerous countries, including Pakistan, have experienced terrorism firsthand.

We've all learned that the effort to defeat these evil forces requires vigilance and determination. And we also learned very quickly after 9/11 which countries throughout the world share our values and a commitment to preserve freedom and democracy.

Pakistan is one country that has left no doubt where it stands. It was among the first nations to declare its friendship and solidarity with the United States in fighting terrorism, and it has never strayed from that position – even in the face of political pressure.

The U.S. business community hopes that the economic ties between the United States and Pakistan can grow and flourish just as our political and security relationships have.

Mr. President, U.S. companies are greatly encouraged by the economic reforms that you and your team have implemented.

Your government has privatized and deregulated industries, reduced trade barriers, renovated the financial sector, improved the tax system, provided incentives for private investment, built up currency reserves where there were none, and reduced an enormous budget deficit.

There is no doubt that these and other reforms are having a positive impact on Pakistan's economy. You need only look at the numbers to see that it's . Pakistan's economy is growing at a rate of 6.8% - more than twice that of the U.S. economy.

This month the IMF reported that, and I quote, "Pakistan's economic performance and prospects are now more favorable than at any time in at least the past decade. Structural reforms…aimed at improving efficiency and the business environment have created a sound basis for a lasting economic recovery," end quote.

More and more U.S. companies are seeing the upside of investing in Pakistan. The United States is the world's largest investor in Pakistan, providing more than 20,000 jobs. U.S. exports to Pakistan exceeded three quarters of a billion dollars last year.

While investment and trade flows between the U.S. and Pakistan are growing, I think we would all agree that they are a long way from the levels we hope to achieve.

Pakistan must continue to deregulate and privatize its economy, enhance security, and take steps to protect intellectual property rights.

You may remember, Mr. President, that one of the questions raised after your speech at the U.S. Chamber of Commerce last year addressed concerns about intellectual property rights protection in Pakistan.

And when an executive delegation from the U.S.-Pakistan Business Council visited your country in March of this year, protection of intellectual property rights was at the top of its agenda.

We applaud you and your government for listening and taking those concerns seriously.

The U.S. Chamber welcomes your government's decision to create the Pakistan Intellectual Property Rights Organization, or PIPRO, which will work to curb infringements of intellectual property rights.

We look forward to the National Assembly's approval of PIPRO and the day when the U.S. Chamber can join with that organization in fighting intellectual property theft. We plan to take up this and other issues during our meeting with Commerce Minister Khan (CON) at the Chamber next week.

Ladies and gentlemen, at the end of the day, capital is invested where it is welcome, where it feels safe, and where it has a reasonable chance to grow.

The U.S. Chamber of Commerce—behind the strength of more than 3 million member companies and through the U.S.-Pakistan Business Council—remains firmly committed to improving Pakistan's investment conditions and strengthening the bonds that unite our two countries.

Mr. President, once again, it is a great pleasure for the United States Chamber of Commerce to host you during this busy and most important week. We appreciate your acceptance of our invitation to join us tonight and look forward to your address.

President Musharraf, ladies and gentleman, please enjoy dinner.