US consul general opens trading day at PSX

KARACHI: The Consul General of United States of America in Karachi, Mr. Scott Urbom, struck the gong at a gong ceremony held at the Pakistan Stock Exchange (PSX) to open the trading day.

The Consul General and his team were earlier welcomed at the Exchange by Dr. Shamshad Akhtar, Chairperson PSX; Mr. Nadeem Naqvi, Acting CEO PSX; Board members PSX, and senior management of PSX. The guests at the ceremony also included business leaders from US based companies functioning in Pakistan.

Welcoming the guests at the gong ceremony, Mr. Nadeem Naqvi, Acting CEO PSX, stated, “We warmly welcome Mr. Scott Urbom, the US Consul General in Karachi and his team to the Stock Exchange. We are also very pleased to have the leading representatives of US based companies functioning in Pakistan, here with us today”.

Mr. Naqvi highlighted the crucial place of Karachi in Pakistan’s economy as a city of 24 million inhabitants where both demand and supply of goods and services was a key attraction for both local and foreign companies. He noted the entrepreneurial energy of Karachi which was a magnet of people from all over the country who wanted to improve their economic well-being.

Speaking at the occasion, Dr. Shamshad Akhtar, Chairperson PSX, giving an overview of the national economy from a macro perspective, talked about the vital role played by the Exchange in terms of capital formation & wealth creation and expressed that it was a matter of pride for the Exchange to have the US Consul General and his team visit PSX at the gong ceremony today, signifying the dynamic economic and business relationship between Pakistan and the United States.

She stated, “We at PSX would welcome investment in the stock market from US based investors and fund managers, as well as from US based companies in Pakistan, especially at the back of the excellent performance of the Exchange as witnessed over the last fiscal year and still going strong. On our part, we are ready to extend all out support to any such efforts in this aspect from the investors and fund managers from the US. I would hope that more investors and portfolio managers from the US look at the Pakistani stock market, given its attractive valuations and potential for competitive returns in the long run”.

She added, “We look forward to more US based companies in Pakistan opting to list at PSX, increased investment from the US in Pakistan, and enhanced bilateral trade between Pakistan & US with greater export avenues being explored between the two markets for mutual benefit of both our economies”.

Dr. Akhtar also highlighted the progress made at PSX in terms of governance, technology platform and easing investor and company participation in the Exchange as well as the first initiative of its kind of listing of Government Ijara Sukuks at PSX, which she initiated while she was the caretaker Finance Minister.

Mr. Scott Urbom, the US Consul General in Karachi, added, “American businesses in Pakistan play a crucial role as corporate citizens, contributing significantly to local economies and communities.  They are among the largest employers in the country, providing substantial tax revenues and engaging in impactful social responsibility initiatives.  Our goal is to continue to strengthen this economic partnership, fostering equitable and sustainable growth that benefits both of our countries.”

The PSX Chairperson, Dr. Shamshad Akhtar; Board members PSX, and Acting CEO PSX, Mr. Nadeem Naqvi, thanked the US Consul General in Karachi, Mr. Scott Urbom, and his team for their visit. She hoped for greater cooperation between Pakistan and the US in the economic, financial, and investment sectors. On their part, the US team greatly appreciated being hosted by PSX and for having had the chance to visit Pakistan’s national stock exchange.