Pakistan a Priority Market for Business: Commerce Minister tells British Companies

Federal Minister for Commerce, Mr. Naveed Qamar, addressed the UK business community in Manchester on 3 June 2023, urging them to prioritize Pakistan as a market for business expansion.

The Federal Minister is on an official visit to the UK to attend Commonwealth Trade Ministers’ Meeting.

Minister Qamar highlighted the favorable business environment and abundant opportunities available in Pakistan during his speech at the event, which was attended by the business community, UK Parliamentarians, Mayors, Councillors and media representatives.

The Minister acknowledged the 1.6 million-strong Pakistani diaspora in the UK as the cornerstone of the strong UK-Pakistan relationship.

The UK has become Pakistan's third-largest export partner, second-largest investment partner, and third-largest source of remittances, said Minister Qamar.



He said despite pandemic restrictions, Pakistan's exports to the UK grew by 33%, surpassing the US$2 billion milestone. Exports are expected to maintain momentum, with a 10% growth rate in the current financial year, said the Minister. Minister Qamar thanked the UK Government for its  development assistance to Pakistan.

Commending the UK Government, Minister Qamar highlighted the announcement of a £1.5 billion facility to support bilateral investment and export.

He also appreciated the UK Government’s concessions to Pakistan on Developing Countries Trading Scheme (DCTS) facility, resulting in zero duty on over 92% of Pakistan's exports to the UK.

Minister Qamar provided an overview of Pakistan's policy landscape and economic performance, including increased revenue mobilization and investment promotion.

Concluding his speech, Minister Qamar expressed confidence in further enhancing trade and investment relations between Pakistan and the UK. He encouraged businesses from both countries to capitalize on existing opportunities and collaborate on optimal utilization strategies.

UK businesses displayed keen interest in engaging with Pakistan for business opportunities.

Published on : June 04, 2023

Last Update : June 05, 2023