The Express Tribune

The United States (US) remains the single largest export market for Pakistan and a big foreign investor, said US Consul General in Karachi, Grace Shelton.During her first visit to the Pakistan Stock Exchange (PSX), she said the US was already Pakistan’s largest export market in terms of bilateral trade, surpassing $5 billion in 2015 and also a significant source of foreign direct investment (FDI) in industries.The US Consul General paid the visit to the market at a time when the US stock market; NASDAQ, Chinese bourses and over a dozen other strategic investors, including local financial institutions are conducting due diligence of PSX to acquire a total of 40% stake in the exchange by the end of next month.“The US government is deeply committed to Pakistan’s private sector and economic growth,” she remarked after participating in the gong-ringing ceremony.“The US government is increasing partnership in trade and investment, energy, business-to-business ties and of course working with the Pakistani government and business community to help them succeed, create jobs and expand country’s role in regional and global markets, including the US,” she added.She further said that the US-Pak Business Council in Washington, American Business Council in Karachi, Pakistan Stock Exchange along with the American and Pakistan communities were maintaining close ties.Shelton congratulated the PSX after the MSCI announced its decision to upgrade the market from its Frontier Markets to Emerging Markets Index. “The Pakistan Stock Exchange is an important symbol of Karachi’s role in the country’s pivotal growth. It is a symbol of the country’s private sector and is providing the companies a place to raise capital and investors.”PSX Managing Director Nadeem Naqvi said that the US was an important investor for Pakistani companies.“The US remains the single largest source of foreign investment in the shares of companies listed at the Exchange,” said Naqvi. “Foreigners hold some 30% shares.“Morgan Stanley, Goldman Sachs, BlackRock and other global brokerage houses hold significant portion of shares at PSX,” he added.Published in, October 14, 2016.Like Business on Facebook , follow @TribuneBiz on Twitter to stay informed and join in the conversation.