UK-Pak Inward Trade Mission visits KCCI: ‘Traders should take advantage of DCTS to enhance trade flows’

KARACHI: Leader of UK-Pakistan Inward Trade Mission Dr Michelle Kristy, while advising the business community of Karachi to take advantage of Developing Countries Trading Scheme (DCTS) introduced by the UK, said that as DCTS could enable more trade flow between UK and Pakistan, this was a very good time to explore the benefits of exporting to UK.

Speaking at a meeting during the visit of UK-Pakistan Inward Trade Mission to KCCI on Wednesday, Dr Kristy informed that in addition to various UK-based companies, the inward trade mission also comprised of presidents and representatives of chambers of commerce in UK who were all here in Karachi to strengthen bilateral trade relations between UK and Pakistan which will be followed by the visits to Lahore and Sialkot.

On the occasion, President KCCI Iftikhar Ahmed Sheikh and President Greater Birmingham Chamber of Commerce Nasir Awan also signed a Memorandum of Understanding (MoU) to support each other and undertake initiatives for enhancing trade and investment cooperation between the two countries.

Chairman Businessmen Group Zubair Motiwala, Vice Chairman BMG Anjum Nisar, President KCCI Iftikhar Ahmed Sheikh, Senior Vice President Altaf A Ghaffar, Vice President Tanveer Barry, President Greater Birmingham Chamber of Commerce Nasir Awan, President Greater Birmingham Global Chamber of Commerce Mark Smith, Director Asian Business Chamber of Commerce UK Anjum Khan, President Bradford Chamber of Commerce James Mason and other members of UK-Pakistan Inward Trade Mission along with KCCI’s former presidents Khalid Firoz, Majyd Aziz, Junaid Esmail Makda and Managing Committee Members attended the meeting.

Dr Michelle Kristy, while referring to yesterday’s event held at British Deputy High Commission in Karachi, said that International Trade Center’s export handbook was launched recently to guide Pakistani companies on how to export to the UK and also requested KCCI to upload this handbook on KCCI’s website which would be beneficial for many Pakistani businesses as it includes necessary information about the UK market and details of DCTS.

She hoped that today’s UK-Pakistan Inward Trade Mission’s visit to KCCI proves to be a good beginning and more such efforts in collaboration with the UK government are also made in future for the benefit of Pakistani companies.

Chairman Businessmen Group Zubair Motiwala, in his remarks, stated that Pakistan and UK have been enjoying cordial relations since the inception of Pakistan but unfortunately, UK was not there amongst the four largest trading partners of Pakistan. “With arrival of today’s UK-Pakistan Inward Trade Mission, I hope that trade and understanding between the two friendly countries would improve further.”

“Pakistan is also the fourth largest producer of milk, fifth largest producer of cotton, ninth largest producer of wheat and eleventh largest producer of rice whereas the country also holds 54 million hectors of fertile land along with the largest irrigation canal system,” he added.

Commenting on numerous activities undertaken by the Special Investment Facilitation Council (SIFC), he said that Pakistan was inviting investors to invest in the agriculture sector wherein huge fertile land of 26 million hectors was still available which was being provided free of cost by the SIFC.

“The land acquired by any investor under SIFC’s initiative would remain in his possession as long as he continues to carry on production and only 30 percent of the profit would be shared with the provincial government.”

He was of the opinion that UK and Pakistani diaspora in UK can help Pakistan by importing more and coming into action by undertaking joint ventures in Pakistan particularly in the value addition and technology transfer.

“Our problem is that we have failed to add value to our raw materials which is being exported to our otherwise competitors in the world. We need someone who could bring in the technology and investment from UK for value addition of our products,” he said, adding that Thailand produces around 3000 items from rice alone through value addition and Pakistan was just happy with exporting rice worth US$3 billion, hence, this was an area where Pakistani and UK companies could work together for value addition agriculture, textile and many other sectors.

President KCCI Iftikhar Ahmed Sheikh, while warmly welcoming members of UK-Pakistan Trade Mission, said that the relationship between Pakistan and the United Kingdom has always been characterised by a deep sense of friendship and cooperation.

Copyright Business Recorder, 2024