Afghan-US trade up by 34pc in eight months
17 November, 2007
NEW YORK: The two-way trade between Afghanistan and the US increased by 34 percent in the first eighth month of the current financial year, Commerce Secretary Carlos Gutierrez said.
Addressing the third annual US-Afghan Business Matchmaking Conference in Washington, the Commerce Secretary claimed trade between the two countries was growing at a fast pace.
The US-Afghan bilateral economic and commercial relations are strong. In 2006, our two-way trade reached $463 million -- up 40 percent over 2005, he revealed.
For the first eight months of this year, our total bilateral trade is more than $376 million, a 34 percent increase over the same period in 2006, the secretary explained.
Gutierrez added more than 160 US companies had registered with the Afghan Investment Support Agency, meaning a potential investment of $100 million.
Appreciating the improvement in Afghanistans investment climate, he said it was a product of legal and economic reforms initiated by President Hamid Karzai and his government.
The Investment Law is internationally regarded as investor- friendly, while Afghanistan’s customs duties are the lowest in the region, he went on to point out.
With the US companies looking for a business-friendly environment, he said: We encourage Afghanistan to continue its progress in creating an economic climate that is transparent, free from bureaucratic requirements and based on the rule of law.
Referring to the US desire to help Afghanistan develop its private sector and move towards a free-market economy, Gutierrez said: American firms offer advanced technologies, management and capital. Afghan firms offer the commitment and hard work of the Afghan people.
Gutierrez, who had visited Afghanistan earlier this year and participated in the opening of the first Afghanistan International Carpet Fair, said: After decades of suffering followed by oppression under the Taliban, more than 100 Afghan rug producers were enjoying the freedom to display and market these national treasures to the international community.
He acknowledged Afghan rug-producers were among the most talented and experienced in the world. The rugs they create are defined by their artistry and craftsmanship.
The official continued: The Afghan entrepreneurs I talked with at the Fair were excited and enthusiastic about the opportunity to be a part of the rebirth of Afghanistan’s place in the global carpet industry. They want the world to know that Afghanistan is open for business.
The commerce secretary, who saw reason for optimism in Afghanistan, said: The transition to a free market economy is happening. Over the last few years, GDP growth has been solid, averaging around 10 percent. Rebuilding is taking place. Real progress is being made.
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