UK business community urged to invest in core sectors in Pakistan

 

LONDON: Appreciating the success of the British Pakistani business persons, Islamabad’s envoy to London Wajid Shamsul Hasan has stressed on investment in core sectors in Pakistan to generate meaningful employment and development of the country. “I would like to urge you to look at investment opportunities in Pakistan which lead to employment generation and are beyond the traditional acquisition of lands,” the High Commissioner said while speaking at a dinner hosted in honour of the newly elected office-bearers of UK-Pakistan Chamber of Commerce and Industry at the High Commission last night.

 

He expressed his desire to see the UKPCCI as a body which can be pitched with the British Government as the success of Pakistan origin community in the UK.

 

He lauded the leadership of the UKPCCI and said it has been efficient and progressive to promote Pakistan’s business interests in the UK. “The UKPCCI have over three hundred members. It represents an important Pakistani origin group in this country. It has the potential to grow and mould itself into a 21st century business council where not only networking but policy advice and market analysis would be welcome for the work we do to promote Pakistan’s trade with the UK,” he pointed out.

 

Hasan further said UKPCCI has always been very supportive to the efforts of the High Commission to work for the development of better image of Pakistan in the UK and in this regard mentioned the Chamber’s generous contribution to the installation of Allama Muhammad Iqbal’s plaque at Stratford Upon Avon.

 

The Chamber’s new President Naheed Randhawa in response said the body has always endeavoured to boost and promote trade and commercial ties with Pakistan.“It is our common objective to serve the interest of Pakistan,” he said and added that given 55.8 million labour force of Pakistan and its GDP, which is 28th highest in the world aggressive, modern and determined entrepreneurship to make the best out of it.

 

He pointed several fields including power, agriculture, health, real estate, public transport and manufacturing sectors in Pakistan  which offer tempting investment opportunities for the members of the
UKPCCI.

 

The Chamber Secretary-General Syed Qamar Raza said the trade body was open to ideas to maximise trade and investment in various fields.
He said UKPCCI will endeavour to convince other UK companies to come forward and invest in Pakistan.

“However, providing business and investment in friendly environment is the prime responsibility of the Pakistani Government,” he stated. The Commercial Counsellor Saira Najeeb Ahmed while welcoming  the office-bearers said there is a great enthusiasm in the UKPCCI to do more for promoting business with Pakistan.

She said during 2009, Pakistan-UK bilateral trade was 1.1 billion pounds sterling. Pakistan’s exports to the UK were 646 million pounds sterling in 2009 and grew by nine per cent over 2008 “In times of recession and global slowdown, these figures show the tremendous prospective of Pakistan UK trade relations. In 2009, UK exports to Pakistan were 458 million pounds sterling and show a decline of 1.3 per cent.”

 

She also mentioned that during 2009, the UK’s FDI (Foreign Director Investment) to Pakistan was 174 million pounds sterling.  The same year remittances from the UK to Pakistan were 539.08 million pounds sterling as against 364.74 million pounds sterling in 2008 which show an increase of 48 per cent.

 

Noting that a leading London departmental store-Harrods- is selling Pakistani mangos for the first time, she told the gathering the High Commission was also in discussion with another retail chain -Tesco- to stock Pakistani mangos every season.

 

June 15, 2010  

 

Last updated: June 16, 2010