Islamabad: A high-level delegation of American investors featuring a business partner of US President Donald Trump has arrived in Pakistan, state broadcaster Radio Pakistan reported on Tuesday, adding that several agreements between the two countries were signed.
The delegation, led by Texas hedge fund manager Gentry Beach, has arrived in Pakistan for a two-day visit to the country. Pakistani state media said that the delegation’s arrival days after the new American administration taking office is of “great importance.”
“The visit of the US delegation to Pakistan will open new avenues for investment, economic and bilateral relations between the two countries,” Radio Pakistan said.
The development takes place as cash-strapped Pakistan engages with countries to secure foreign investment in its key economic sectors such as energy, agriculture, mining and minerals, livestock and others.
Prime Minister Shehbaz Sharif’s government has sought increased foreign trade and investment as a remedy to Pakistan’s economic woes. Pakistan, which came to the brink of a sovereign default in 2023, has suffered from a prolonged macroeconomic crisis that has drained its economic resources, weakened its currency and exacerbated its balance of payments crisis.
The South Asian country had a flurry of high-level exchanges with Saudi Arabia, Japan, Azerbaijan, Qatar and Central Asian countries last year in a bid to support its $350 billion fragile economy.
Islamabad formed a hybrid civil-military investment body in June 2023 to fast-track decisions related to investment in Pakistan’s key economic sectors. The government credits the Special Investment Facilitation Council (SIFC) for aiding its efforts to turn Pakistan’s economy around and increasing its exports over the past year-and-a-half.
However, ties between Pakistan and the US have always remained complicated. Both countries shared close defense and security cooperation in the past, particularly during the Cold War after the 1979 Soviet invasion of Afghanistan and post-September 11, 2001 attacks.
However, more recently, US officials criticized Pakistan for not sufficiently supporting their military efforts against the Taliban following the 9/11 attacks. Islamabad denies sheltering Taliban fighters and helping them regain control of Afghanistan in August 2021.
