Underlining the importance of the longstanding diplomatic, political and economic linkages between Pakistan and the UK, Prime Minister Shaukat Aziz has said that Pakistan desires to further strengthen the economic and trade relationship between the two countries through greater interaction between the private and public sectors of the two countries.
He was talking to Ian McCartney, UK Minister for Trade, who called on him on Tuesday along with a 10-member delegation comprising representatives of London Stock Exchange, financial institutions and senior government officials.
Expansion of economic relations between Pakistan and UK, reform agenda of the government, and the issue of better market access for Pakistan''s products in the markets of European Union came under discussion.
The Prime Minister said that Pakistan is an emerging market with a vast potential for growth, rising consumer spending and robust industrial development. The recent listing of Muslim Commercial Bank (MCB) at the London Stock Exchange and the forthcoming listing of Oil and Gas Development Company (OGDC) was a clear evidence of international acceptance of stability in Pakistan''s industrial and financial sectors, he added.
The Prime Minister said that as a result of the far-reaching reforms introduced by the government in every facet of life, Pakistan has been transformed into a country having high growth. The reforms introduced for de-regulation of the economy, transparent privatisation, creation of a business-friendly environment, rationalisation of taxes and tariffs and transparency in government transactions have restored the confidence of investors and Pakistan received record foreign direct investment during last year.
He said that Pakistan has made significant progress on the issue of intellectual property rights (IPR). A dedicated organisation has been set up to deal with the issue in a focused manner and is dealing with violations in a tough manner.
Shaukat said that Pakistan is moving fast on the reform path to prepare itself to face the challenges posed by globalisation. He said that the government is working on increasing absorptive capacity, and the training of civil servants is one of the steps in that direction.
The Prime Minister said that one of the basic paradigm shifts in the country was a clear distinction in the role of Ministries and regulators. While policy formulation is the responsibility of the Ministries, regulators have been provided the independence to deal with implementation part.
He said Pakistan that desires to initiate talks on Free Trade Agreement (FTA) with European Union, and added that, being an open economy, Pakistan is in a position to enter into such agreements and implement them effectively. He asked UK to extend it support to Pakistan in this regard.
McCartney said banks and financial institutions of UK find the investment climate in Pakistan very conducive and a number of them are planning to expand their operations in Pakistan.
He said that private sector companies are keen to invest in Pakistan in healthcare, financial and oil and gas sectors through joint ventures with Pakistani companies and on public-private partnership basis.
He appreciated Pakistan for passing women protection bill and said that the legislation would go a long way in providing justice and security to women.
McCartney appreciated the role played by Pakistani community in the development of UK. The British MPs of Pakistani origin are doing their job actively and enthusiastically, he added.
Sir Thomas Harris, Vice Chairman of Standard-Chartered Bank, said that British financial institutions are watching with great appreciation the economic transformation of Pakistan. He said the expansion in their operations in Pakistan, by a number of foreign banks, is an expression of their confidence in Pakistan''s economic and banking sectors.
The meeting was attended, among others, by Minister for Commerce Humayun Akhtar, UK High Commissioner in Pakistan, Sir Mark Lyall Grant, and senior officials.
PRIVATISATION: McCartney also called on Privatisation Minister Zahid Hamid on Tuesday.
During the meeting Zahid said that Oil and Gas Development Company''s (OGDC) global depository receipts (GDRs) is scheduled for December 6 for listing at London Stock Exchange (LSE).
The privatisation minister briefed the UK delegation about Pakistan''s privatisation policy and said the investors could invest in any sector and have 100 percent foreign equity and remittance of capital, profits, royalty, technical and franchise fee and zero-rated import of raw material for export manufacturing.
He said that under the privatisation programme major upcoming transactions were PPL, PSO, SSGC, SNGPL, JPC, Fesco, Pesco, HEC, PSMC, PMTF, etc. The minister also briefed the UK delegation regarding the investment opportunities at Gwadar sea port and its Industrial Estate.
McCartney said that British business and trade delegations were intending to visit Pakistan to find areas for investment.
He said UK eyes investing in Pakistan''s healthcare, oil & gas, power and other sectors. He informed the minister that a delegation of Britain''s business groups led by Lord Mayor of London would visit Pakistan in February 2007.
Comments
Comments are closed.