“Explore Pakistan’s Potential” seminar held at Pakistan High Commission

 

London: The London Chamber of Commerce and the Pakistan High Commission London jointly held a UK Pakistan bilateral business promotion event “Explore Pakistan’s Potential” at Pakistan High Commission in London on 7 Oct 2011. The chosen sectors were Small & Medium Enterprises, housing/construction and the agriculture as they are the largest growth drivers in any economy. The event was chaired by the Chairperson of the Confederation of British Industry-Scotland, Ms Nosheena Mobarik OBE, who is a successful Scottish businessperson with Pakistani heritage. The event holds significance because both UK and Pakistan governments have agreed that their bilateral trade is mandated to grow to £2.5 billion by 2015. This event was an effort towards realising that bilateral trade target.

 

In her opening remarks, Ms. Nosheena Mobarik dwelt upon economic potentialand geo-strategic importance of Pakistan and termed Pakistan economy as one of the most exciting in the region. She underlined the  scope for British investment in Pakistan and acknowledged that despite numerous challenges to the country, its economy was faring well. She emphasised on the need to train and capitalise upon Pakistan’s workforce, which ranks 4th largest in the world. High Commissioner for Pakistan in UK Mr. Wajid  Shams ul Hasan highlighted the salient features of liberal and de-regulated trade regime of Pakistan which offered enormous opportunities for foreign investors. He said that close bilateral relations between the UK and Pakistan greatly helped promote economic links. The recent high level visit from both sides further enhanced confidence of the business communities on both sides that would lead to more trade in future. The High Commissioner thanked the government of UK for assistance to Pakistan through DFID. He also appreciated the role of Pakistani Diaspora promoting trade and economic relations between the two friendly countries.

 

The British High Commissioner in Pakistan Mr. Adam Thomson described Pakistan as an economic bridge between Central Asian Republics, the Middle East and Far East. The ease of doing business in Pakistan, he said, was better than most of the regional countries. He emphasised upon the investors and businessmen to keep in view the long term relations and prospects of doing business with Pakistan. He stated that Pakistan had a strong infrastructure, fast growing middle class (over 30 million) and hi-tech application in various sectors. The perception about Pakistan as portrayed, he said, was much different than reality. The presence of a very large number of International Firms/companies, he added, was itself a proof of business friendly environment in Pakistan. Pakistan, he concluded, had the potential to become the hub for economic activities for the entire region. Amin Jan Director London Chamber of Commence and Industry said that Pakistan offered magnificent opportunities to investors and it had been proved since all major international investors / companies had been making profits despite the security challenges. He however emphasised on improving energy and security situation to further enhance trade with other countries.

 

Peter Lindsay of Mabey Bridge Ltd. said despite challenges there were great business and investment opportunities. Similar views were expressed by Mufti Hashmi, South Asia City & Guilds. It is important to note that most recently Pakistan is expecting to get the EU market access to mitigate the losses to its industry due to the floods of 2010. This has been made possible due to Britain’s spearheading support for Pakistan in the EU. Speaking recently at the Pakistan Society’s 60 Anniversary dinner at the Lincoln’s Inn, Secretary of State for F&CA William Hague said “ we want to increase trade flows between our countries, which already stand at over £1bn, to £2.5 billion by 2015.  And one of the ways we will do this is by continuing to be the greatest advocate for Pakistan’s market access to the EU, something that can dramatically increase Pakistan's exports and could be worth up to €1billion per year.”

 

 

October 10, 2011

 

 

Last updated: 10 October 2011