Exchange of business team can boost bilateral trade

Pakistan's exports are under tremendous pressure at the moment and it could be eased out if expatriate Pakistanis living in the United Kingdom come forward and join hands with their Pakistani counterparts. This was stated by LCCI President Mohammad Ali Mian in a meeting with a six-member delegation led by Hanzala Malik, Councillor Glasgow City Council here Tuesday.
LCCI Senior Vice President Mian Muzaffar Ali, Vice President Shafqat Saeed Piracha, former Senior Vice President Sohail Lashari and former vice President Sheikh Mohammad Arshad were also present on the occasion.
The LCCI President said that Glasgow being the third largest city of the United Kingdom has huge business opportunities but the volume of two-way trade is not very encouraging. He called for well-directed, sector-specific moves to achieve the desired results. He said that Pakistan was particularly keen in British investment that could provide transfer of technology and help it become a knowledge-based economy. He said exchange of business delegations and holding of single country exhibitions could boost the bilateral trade. These marketing tools need to be studied by the chambers and the diplomatic missions of the two countries.
Keeping in view the current low level of trade between UK and Pakistan there is a need for more focused efforts for expanding economic co-operation. The trade between the two countries is steadily increasing.
The total volume of trade between both countries during 2004-05 was $1379.1 million, which is on increasing trend and had reached to $1649 million in 2006-07.
He said that Pakistan is offering tremendous investment opportunities in the fields of information technology, telecommunication, infrastructure, education, and food preservation technologies.
Delegation head Hanzla Malik, while stressing the need for more interactions between the two sides, urged the LCCI office-bearers to arrange a delegation to visit Glasgow to increase the volume of two-way trade. He said that Glasgow being the fastest growing economy in the United Kingdom has a huge potential for Pakistani businessmen to have joint ventures with their counterparts there. He said the process of globalisation was bringing the people closer and there was a need to learn from the experiences of each other.
The LCCI Vice President Shafqat Saeed Piracha said the visit would prove beneficial for the industrialists of both sides. He said there were opportunities waiting for the potential investors particularly in the field of textiles and leather. He said the increase in total foreign private investment is enough to prove that Pakistan has a lot to offer and the foreign investors should take advantage of the situation.