Augustine Anthony
Pakistan American Business Association, a Virginia-based body, earned the opportunity to ring the NASDAQ opening bell to mark Pakistan’s 69th Independence Day last week, with Pakistan’s ambassador to the United Nations Ambassador Maleeha Lodhi attending as the guest of honor.
Chairman PABA, M. Siddique Sheikh, and President Keith Segerson shared the podium with Ambassador Lodhi, who pressed the button to open trading at NASDAQ, the first all-electronic stock exchange in the heart of New York. The event was streamed live on the gigantic screen of the NASDAQ headquarters at Times Square.
Ambassador Lodhi, PABA Chairman Siddique Sheikh-
Photo : PABA
This was the first time the NASDAQ Opening bell was rung in honor of Pakistan Day – celebrated each year on August 14 – using the platform of PABA, a not-for-profit association which is working to promote Pakistani-American entrepreneurs and forge linkages between the two private sectors.
“Our strategic location gives Pakistan a pivotal role in promoting regional connectivity,” Dr. Lodhi told businessmen and NASDAQ officials in her opening remarks, adding that plans were underway to make Pakistan a regional economic hub.
After years of stalemate, South Asia’s second-biggest economy has made a remarkable turnaround in the past two years with the help of U.S. support, Chinese investment, and programs under the International Monetary Fund and the World Bank.
Bloomberg ranked Pakistan’s benchmark Karachi Stock Exchange as among the world’s top ten best performing markets in 2014. Ranking agencies Moody’s and Standard and Poor also upgraded Pakistan’s ratings this year.
“We are open to business, and we are open to foreign investment,” Ambassador Lodhi said. She noted that PABA was doing an excellent job toward promoting U.S.-Pakistan business ties through private ventures.
The occasion also afforded an opportunity to showcase Pakistan’s culture and display the country’s landmarks on the NASDAQ screen that continued to flash the white-and-green flag throughout the 45-minute ceremony. NASDAQ invites renowned companies and business concerns to performing Opening and Closing bell ceremonies.
PABA President Segerson highlighted the association’s role as a bridge to connect American companies with their counterparts in Pakistan. Since its inception in 1986, PABA has been striving to help Pakistanis and Americans start successful businesses in the United States.
Segerson also announced PABA’s plan to host an International Convention and Trade Show in Washington, DC next year that would bring Pakistani and American companies on one platform to explore joint venture possibilities.
NASDAQ Managing Director Andrew Hall and Vice President, OMX, David Wicks welcomed the guests and extended greetings on the country’s Independence Day.
