KARACHI - “Red-tapism, lawlessness and poor bureaucracy in Pakistan are some of the major hurdles in way of ensuring smooth flow of foreign investment from United States to Pakistan.

Iqbal Sheikh Chief Executive Officer of Cyber Tex Group of Companies USA gave these remarks during his visit to the Karachi Chamber of Commerce and Industry.

He said many Pakistanis have established flourishing businesses in United States and can also set up their businesses in Pakistan but these hurdles must immediately be removed and create an enabling environment to attract maximum US investors.”

Iqbal Sheikh further commented that there was a great demand for Pakistani products in the United States but Pakistani companies must concentrate on exporting high-quality products at competitive rates in order to capture sizeable share in the US markets.

He advised KCCI that these delegations’ visits should be notified to the concerned businessmen and trade associations in the United States at least six months prior to their arrival so that arrangements could accordingly be made to yield positive results. Iqbal Shaikh informed the meeting that he has sponsored a Charlie-Wilson Chair in Pakistan Studies at the University of Texas in Austin by paying half-a-million dollars so that Pakistan could be well-recognised in the United States.

Speaking on the occasion, President KCCI, A. Abdullah Zaki requested Iqbal Sheikh, to support Pakistani businessmen in their quest for expanding exports to US by urging various chambers of commerce and industry in US to ink MoUs with KCCI for establishing joint chambers of commerce and Industry. “KCCI has so far inked more than 100 MoUs with many of its counterparts around the world whereas some Joint Chambers have also been established which provide a perfect platform for regular interaction”, he added.

Abdullah also appreciated Iqbal Sheikh’s cordial support to the members of a KCCI delegation during their visit to Austin where some of the best events and meetings were organised with leading US Senators and businessmen.

Senior Vice President KCCI, Muffasar A. Malik; Vice President KCCI, Muhammad Idrees; Former President KCCI, Mian Abrar Ahmed and other Managing Committee members and senior members including Ateeq-ur-Rehman, Shehzad Mubeen, Zafar Saeed Baghpatee, Agha Shahab Ahmed Khan, Mansoor Suleman, Pervez Ashfaque Dawawala and Qamar Raza were also present at the meeting.