UK Trade and Investment Director Robert Gibson has said Pakistan and Britain are seriously working on cementing their business relations. He said a British trade delegation might visit Pakistan in the near future to have first-hand knowledge about the available business opportunities and stressed the need for further improving regulatory environment.
He met office-bearers of the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday to say Pakistan had a huge potential for foreign investment with rich human resource. "Pakistan, having a geo-strategic position, is a gateway to central Asian states where the setting-up of a manufacturing unit or initiating a joint venture means business in Pakistan and with the central Asian states. The volume of a two-way trade is not very encouraging," said Gibson. He also called for well-directed, sector-specific measures to achieve the desired results.
LCCI President Mohammad Ali Mian said Pakistan was keen to have British investment that could provide transfer of technology and helped it become a knowledge-based economy. He said both countries' entrepreneurs could sit together to chalk out a comprehensive business strategy for their mutual benefit, adding the exchange of business delegations and holding of single country exhibitions could boost the bilateral trade. "These marketing tools need to be studied by the chambers and the diplomatic missions of the two countries," he added.
Ali Mian said Pakistan had a tremendous scope of investment in information technology (IT), telecommunications, infrastructure, education, and food preservation technology. He also said the world had been changed into a global village and provided opportunity to learn from each other's experiences. "Pakistan's liberal investment policies allow foreign equity up to 100 percent. No government sanction is required for setting up any industry. There is no restriction on remittance of capital, profits, dividends and royalties," he added.
He said: "Doing business in Pakistan is comparatively easy to other South Asian countries. It ranks at number two in the South Asian nations in terms of doing business after the Maldives. Britain being one of the top three countries invested $279.1 million in 2007-08. Up to 70 British multinationals have invested in various sectors such as food, tobacco, cigarettes, textiles, chemicals, petroleum refining, oil, gas, pharmaceuticals, cosmetics, cement, power, communications, and financial services," he said.
The LCCI chief said the volume of trade between Pakistan and Britain had grown at a steady pace and reached $1,649.2 million in 2006-07 from $1,425.6 million in 2004-05. "In this period, Pakistan exports to Britain have gone up from $893.5 million to $950.5 million and Britain's exports to Pakistan from $532.1 million to $699 million," he added.