Bilateral trade between Britain and Pakistan has registered 15 percent increase during last calendar year and the planned visit of three trade missions to Islamabad in near future, is expected to further build on their expanding economic relations.
In the last two years, British Department for International Development's (DFID)" co-operation with Pakistan has increased substantially.
Last year they spent approximately $38 million with a further $70 million expected this year," an official of British High Commission Islamabad who was in London for some time, told APP in an interview.
According to the latest figures the bilateral trade between the two countries is US $1.587 billion.
Both the countries enjoyed good economic relations and "with 3 more trade missions planned" these would improve further.
The UK was the largest new foreign investor in Pakistan and DFID, he said, was strongly committed to supporting Islamabad's economic and social development with a programme to support the sustainable reduction of poverty.
"The economic engagement between the two countries has increased over the last year with the first trade mission in 3 years; British Airways have resumed their flights to Pakistan; bilateral trade is up 15 percent and we have been successful in lobbying on the OECD credit up-rating," said Smart Simons who recently assumed his charge in Islamabad as Head of Media and Public Affairs.
Responding to a question about the impact of Britain's decision to provide Export Credit Guarantee to Pakistan in May this year on the occasion of one day investment conference here, Smart hoped that UK companies "will be encouraged to do business and invest in Pakistan following the resumption of ECGD cover for medium term export credit and overseas investments."
"The new cover recognises the improvement in Pakistan's economic performance over the last couple of years. ECGD should now be able to consider individual contracts for capital goods or projects of up to $5m without much difficulty," he said.
He said this was not an absolute maximum value that the department will support, but contracts with significantly higher values will take longer to consider.
"The UK wants to see Pakistan prosper. Increased trade and investment can help to achieve this but while Pakistan's economy recovers, ECGD's ability to offer cover is limited - there is no point in offering large new credits if they cannot be repaid when due."
To ensure that best use is made of that cover, all business proposals put to ECGD will be assessed to see what social and economic benefit they will bring to the people of Pakistan, he said.
Answering a question issuance of visa, he said since the opening of a full visa service on May 4, "we have been met by an unprecedented demand, between 1,000 and 1,500 applications per day which is over twice the previous record."
British High Commission Islamabad has introduced a system of prioritisation for providing the most effective to those who have previously travelled to the UK, USA, Canada, Australia and New Zealand and complied with entry conditions, students and businessmen on approved schemes and Government officials receiving a decision within 7 working days.
Work permit applications will take about 6 weeks whilst settlement cases receive a decision within 3 months.
"Pakistan and the UK enjoy excellent political, trade and development ties not to mention the personal ties that have formed between the two nations due to the 800,000 strong community of Pakistani origin living in Britain and the 80,000 British Passport holders living here, he said.
"These links provide a good basis on which to promote further the image of the UK in Pakistan," he said.
He said it was wrong to suggest that Western and Muslim societies could not co-habit.
"This is not true and the modern multi-cultural Britain with its integrated society and 3 million Muslims is a testimony to this fact." On his priorities, Smart said, he would build relations with the press as a good relationship with the media was vital.
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