British deputy High Commissioner, John Anthony Tucknott, has said that British companies are keen to come here and invest in different sectors, despite facing various challenges. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), he said that British government would like to increase its existing trade and economic relations with Pakistan.
Referring to the bilateral trade, he said bilateral trade between both the countries was growing at a slow pace and it needed homework to achieve committed target of £3 billion by 2015. "In order to attain this £3 billion target, we must make certain that two-way trade should grow by 33 per cent yearly, he added. He said that United Kingdom was determined and working hard and looking for ways and means of how to get the target of £3 billion bilateral trade by 2015.
He said that the most pressing issue for the British investors related to security situation of the country which, he opined, required to be dealt with effectively. He assured of his government's full co-operation and support in restoring peace in Pakistan, saying it was the only way forward for achieving progress and prosperity in the country. "We can assist Pakistan in building a secure and stable future", he added. The British diplomat told the KCCI meeting that two UK-based companies have planned to set up a desalination plant and a power generating unit utilising garbage being produced in Karachi in the near future.
The desalination plant on its completion would produce 100 million gallons of potable water, per day, and the power generation through solid waste would help in fulfilling the energy requirements, besides disposing of a huge quantity of garbage. These projects would provide employment to 4,000 workers during the construction phase. Referring to Britain's Prime Minister David Cameron's visit to Pakistan and Prime Minister Nawaz Sharif's visits to the United Kingdom, he said that these visits would certainly pave way for further strengthening trade relations between the two countries. At the outset, he identified energy, infrastructure, mining, and security sectors as the key areas for undertaking joint ventures.
Replying to a query, he said that UK Trade & Investment (UKTI) in Pakistan helped companies in Britain to increase their competitiveness through overseas trade in Pakistan. It also offered professional, authoritative and personalised assistance to help companies in Pakistan locate and expand in the UK. The British government, UKTI and other partners are working together to support new business start-ups and growth in Pakistan.
Pointing out that 80 per cent of dates, produced in Balochistan, was being wasted, he said that Brittan could help Pakistan in improving its crop. He said that already there is a demand for Pakistan's rice in Britain and its export could be increased considerably as country produced world best quality of rice. KCCI former president and a leader of businessmen group, Siraj Kasim Teli, said that although trade volume between the two countries has been gradually improving, it was still not reflecting the true potential.
Another former chief of KCCI, Majyd Aziz, sought the UK's support in developing coal sector, providing vocational training and in developing mining sector. Earlier, the KCCI President, Abdullah Zaki, said that Pakistan and Britain have been enjoying historical, friendly and business ties for the last many decades. "Around 200 British companies have invested in Pakistan and the volume of trade with Pakistan has also inched higher," he said, adding that during FY13, volume of Pakistan's exports to UK was $1.37 billion as against $1.30 billion in FY12, while Pakistan's import from the UK was recorded at $0.82 billion in FY13.
He was of the view that there was a need to develop a platform to share and develop knowledge and encourage exchange of trade and business-related information, besides actively facilitating B2B linkages. He also lauded the sincere efforts of the British government for supporting Pakistan to become self-sufficient in every sector of human development.
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