REMARKS BY AMBASSADOR JEHANGIR KARAMAT AT THE PAKISTANI COMMUNITY DINNER
LOS ANGELES
(7:00 P.M. ON MARCH 13, 2005)

I am delighted to be here this evening with you and thank you for your very warm and hearty welcome.

It is a great pleasure to witness the success of Pakistani-American community in the United States. You have all earned for yourself an enviable reputation for entrepreneurship, professionalism, hard work and for your commitment to the core values of democracy and pluralism which lay the foundation of American society.

Your success makes us all feel proud. Your strength is our strength, your success is our success and let me assure you that your problems are also our problems. The overseas Pakistanis are the Ambassadors of Pakistan and your presence in the foreign lands presents the true face of Pakistan to the outside world.

I am extremely happy to learn form my interaction with the community that you continue to look back at your home country - Pakistan - with love, affection and longing; albeit with understandable degree of impatience.

In the aftermath of 9/11, where the state to state relations between Pakistan and the United States reached their best in decades, the Pakistani-American community had to face certain daunting challenges as well. We have, however, tried our level best to protect and promote the interests of our community as we truly believe that your well being is the well being of Pakistan.

The long standing ties of friendship between Pakistan and the United States are based on shared values, similar perceptions on international issues and common ideals of working for peace and prosperity in the world. Our immediate alignment to the international coalition in its war on terrorism was not for any material gains but was based on the principles that we believe in. Pakistan has always denounced terrorism in all its forms and manifestation and has rejected the terrorist ideologies. Islam is religion of peace and harmony and has no room for violence or terrorist activities.

The Pakistan-US relations are currently moving in the upward direction due to newly evolving global order. The US policy towards Pakistan has undergone quick changes in the post 9/11 phase ranging from prevention of conflict in South Asia, fight against terrorism, support of democracy to issues of nuclear proliferation.

There has been frequent exchange of high level visits between the two countries. The US Administration had announced a multi year aid package to Pakistan worth $3 billion. The trade between US and Pakistan has reached $4 billion annually. US is also Pakistan’s largest source of FDI. In June 2003, Pakistan and US signed the Trade and Investment Framework Agreement to strengthen and diversify commercial relations. The two sides are also working to finalize Bilateral Investment Treaty. We also propose to conclude a Free Trade Agreement.

As Ambassadors of Pakistan, it is our shared responsibility to correct the misperceptions about our country. Unfortunately many people associate Pakistan with radicalism, terrorism, drugs, political instability, cultural and social backwardness, poverty and illiteracy. The truth on the contrary is that overwhelming majority of Pakistanis comprises moderate Muslims who are keen to interact with the outside world. They are liberal in their thinking and progressive in their approach. The extremist elements in Pakistan have been defeated and Government’s approach of confronting rather than appeasing extremism has proved to be a great success.

Let me also share with you my thoughts on the socio economic reforms introduced by the present Government which have transformed Pakistan into a moderate and enlightened society and a resurgent economy over the last five years.

Democracy is taking firm roots in Pakistan. The parliament is functioning freely and there is complete freedom of expression. There is no censorship on print and electronic media. A new culture of political reconciliation and tolerance is fast emerging in Pakistan.

I am proud to say that our overall economic reforms, continuity and consistency of policies coupled with improved internal as well as regional security environment has turned Pakistan into an attractive destination for foreign investment. Pakistan has achieved an annual growth rate of 6.8 percent. We are projecting a growth rate of 8 percent over the next few years. The Government is now focusing on the sustainability of the growth achieved in a way that its benefits are trickled down to the masses and quality of life for the people of Pakistan is improved.

Our exports have reached $14 billion and our foreign exchange reserves stand at around $13 billion. The Karachi Stock Exchange is counted as one of the best performing stock markets in the world.

The macro-economic adjustments introduced by the Government have enabled the country to successfully complete the Poverty Reduction and Growth Facility program of the IMF and say goodbye to the Fund. The successful launch of sovereign bonds in the International Financial Markets in quick succession has further improved our liquidity and has testified our credit worthiness as a sovereign borrower.

All the mega projects undertaken by the Government including Gawader deep sea port, Coastal highway and construction of roads and bridges are progressing well within the stipulated time frame.

While a few years ago we were trying to avoid a default on our loan payments, we are today able to say no to many loan offers, if the terms of such loans are not favorable or if there are too many strings attached to such offers. Various credit rating agencies including standard and poor, Moodys and OECD have upgraded Pakistan’s credit risk and currency ratings during the last couple of years.

Pakistan has embarked upon a very successful Privatization Program. Several Government owned units have already been privatized whereas a number of others are in line for privatization. In order to transfer the benefits of privatization to the general public the most attractive units are being sold through IPOs. The response of common men to such IPOs can be gauged form the fact that recent offer of Kot Addu Power Project was around ten times over-subscribed.

Today as a large number of multinationals are doing business in Pakistan and the foreign investors are finding Pakistan as a very lucrative destination for their investment, I invite you all to take advantage of the excellent business and investment opportunities offered by Pakistan. By investing in Pakistan you can not only make good profits on your capital but can also contribute towards the development efforts of your motherland. I would strongly urge you to invest in Pakistan and do business with your Pakistani counterparts to become our partners in development.

There is no doubt that inward investment is a great contribution to the socio-economic development of Pakistan but our appeal to the Pakistani-American community is not limited to direct investment. I understand that many of you are professionals and not businessmen and entrepreneurs but you can equally contribute to your nation by giving ideas on how you can directly contribute to making Pakistani education, healthcare, services, tourism and manufacturing sectors world class.

Pakistan community in US and particularly in California has many icons in its fold. It deserves full merit for persistent endeavors and tireless efforts in strengthening of relations between Pakistan and the United States of America.

The Embassy has taken several initiatives to interact with the community, including supporting National Pakistani Student Association and Rising Leaders. The main purpose of the two organizations is to create a common platform for young generation and help them in recognition of their identity and interests in the US.

The Embassy also helped in the establishment of the Congressional Pakistan Caucus. Community organizations such as PAL-C and our hosts of tonight, COPAA were most helpful in this endeavour. The membership of the Caucus has already reached 62, making it one of the fastest growing Congressional caucuses. The Congressional Pakistan Caucus will consolidate bilateral relations, train community for the political process and strengthen its position in the mainstream American politics.

I thank you all for your presence and for this opportunity to share with you my thoughts and if I may say for speaking my heart to you. I am particularly grateful to COPAA’s leadership for providing this opportunity.

Pakistan Zindabad.

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