The Deputy High Commissioner and Director Trade and Investment British High Commission (Karachi) Hamish Daniel, Jonathan Webber, head of International Trade, Mrs Rupi Nandra, Indian-Pakistan Trade Unit Manager of Birmingham Chamber of Commerce and Industry (BCCI) and other members on Thursday visited Sialkot Chamber of Commerce and Industry (SCCI) to discuss the possibilities of further developing trade ties.
Addressing the members of SCCI, the deputy high commissioner revealed that in order to explore trade possibilities, several trade missions would visit Pakistan in November. The prime concept of the visit of trade missions to Pakistan was to increase economic development and to assess the possibilities of investment in different trade fields, he said.
He disclosed that there are bright opportunities of establishment of joint ventures and collaboration between the business communities of United Kingdom and Pakistan. The deputy high commissioner emphasised the need of filling the communication gap for further accelerating the pace of bilateral trade, economic development and collaboration between the two countries. It is high time for exchanging the information between the two countries aimed at turning away the communication gap and to bring closer the business communities, he said.
In addition to this he said that exchange of trade delegations was also need of the hour and this process would help create better atmosphere, mutual understanding for exploring the possibilities of collaboration between United Kingdom and Pakistan adding that as many as 32 delegation from Birmingham had visit Pakistan last year for the promotion of trade. The business community of Birmingham had showed its keen interest in developing trade ties with Pakistani counterparts he said.
Hamish Daniel said that ample efforts were needed for formulating a mechanism for enhancing the trade and commerce activities between United Kingdom and Pakistan.
The deputy high commissioner disclosed that United Kingdom is the fifth largest overseas investor in Pakistan with 6.9 percent market share during July 2005-June 2006 adding that UK is fourth largest trading partner among OECD countries and only one where the balance is in favour of Pakistan.
There are 80 British companies operating in Pakistan and recently British retailers like Mothercare and Costa Coffee opened their outlets. Moreover, Bestway Cement is also making further investment of 140 million dollars to their cement plan at Chakwal, he disclosed.
In his address of welcome, president SCCI Dr Nouman Idris Butt said that in WTO regime the economic success of developing countries, like Pakistan depends on the co-operation of developed countries through providing technical, consultative and advisory support. This will minimise the disadvantages of developing countries in the WTO regime he said.
Dr Nouman Butt urged upon the British companies to come forward and set up joint venture and business collaboration with Sialkot based companies in the field of sports goods, surgical instruments, leather goods and Information Technology etc. The current economic scenario offered great potential for the investment from British firms for establishing joint ventures, he added.