UK business community urged to invest in Pakistan

 

LONDON: The UK business community has been urged to invest in various promising projects in Pakistan offering high margin profitability and returns.

 

Speaking at a dinner hosted by UK-Pakistan Chamber of Commerce and Industry in Southall, west London, on 21 February 2009, Pakistan High Commissioner to Britain Wajid Shamsul Hasan said Pakistan is ideally located for export-oriented industries and businesses.

 

Some of the projects he identified with potential growth and high returns include alternative energy, housing sector, roads building, surgical and sports goods, food processing, gems and jewellery.

 

The High Commissioner said Pakistan has in place well-established infrastructure and legal systems which are important to attract investment. This include rail and sea links, good quality telecommunications and IT services, modern company laws and long standing corporate culture.

 

Pointing out that Pakistan currently is an energy deficient country, he said the UK-based Pakistan business community has golden opportunity to either go for joint ventures with their Pakistan-based companies or can wholly establish projects in alternative energy sector such as wind farming, solar and hydro fields.

 

“You can also participate in housing industry as the Government is keen to provide the people with the low-cost houses whose construction also benefit related vending industry,” he said.

 

Hasan said poverty can be addressed by generating jobs opportunities through industrialisation and added that for the export-oriented industries and businesses, the Government has established a number of Export Processing Zones in the country with special incentives.

 

He praised officials of UKPCCI for taking keen interest in the progress and development of their motherland and in enhancing the trade ties between Pakistan and the UK.

 

On the occasion, the outgoing UKPCCI President Sami Ullah said that apart from potential opportunities in alternative energy sources, food is another area where business prospects are good in term of investing in new technology to boost wheat and other major crop production.

 

Sami Ullah said Pakistan needs to re-group or re-organise to regain the position when the country was exporting wheat but is now importing the commodity.

 

“Textile sector, food business, carpets, electronics, rice, surgical instruments and hospital supplies, herbal medicines, gems and stones are areas where I would urge all our members to take interest to find potential partners or invest on their own”, he said.

 

In response to questions from the members of UKPCCI, the High Commissioner said the peace deal in Swat will lead to positive impact on the general situation in the country. Referring to the objections on high interest rate, the High Commissioner said their concerns will be passed on to the relevant authorities in Pakistan.

 

He further said the Government is seized of the matter regarding land mafia and has initiated steps to protect investments in property by the overseas Pakistanis.

 

 

APP - Feb 21, 2009