The British government is foreseeing better economic and investment outlook in Pakistan and thus encouraging its companies to invest here. It also considers Pakistan as a long-term strategic partner and would continue to support all its endeavours aimed at expansion of trade relations between the two countries.
The Deputy High Commissioner and Director UK Trade and Investment Robert Gibson stated this while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Thursday. He said the British government is committed to a long-term, productive and friendly partnership with Pakistan. The Deputy High Commissioner also discussed with the LCCI the investment opportunities and exploration of new avenues for investment.
Robert Gibson pointed out that British entrepreneurs working in Pakistan were having continued interest to work and safeguard their businesses and were looking forward to opportunities to further increase their operations by expanding existing projects and explore new avenues for investment.
He added that a good number of UK companies are keen to invest in Pakistan in different sectors. He said that the Britain would provide some 480 million pounds for social uplift with a focus on poverty alleviation in Pakistan during the next three years; Gibson said adding that there is no problem for making investments in Pakistan. The British government has been motivating their business people to make investments in Pakistan, said Robert W Gibson.
While calling for concrete steps to enhance diversified strategic partnership between the two countries, the LCCI President Shahzad Ali Malik said that fostering relations with the UK is a cornerstone of Pakistan's foreign policy, as Pakistan views the United Kingdom an important member of the G-8 and the EU, and a partner in the Commonwealth.
The LCCI President said that the volume of total two-way trade could easily break the barrier of $2 billion if some further avenues of trade are explored with the joint efforts by both the sides.
Malik said the UK is known to have expertise in agriculture sciences that provides specific insight and technologies into the sub-fields like crop genetics, sustainable pest and disease management, seed and plant sciences, composts and synthetic soils. "We need your technical help and guidance to make the most of our available agriculture resources and also develop much required agriculture-industry linkage," he added.
He said that Pakistan has great potential in mines and minerals development, as important minerals found in Pakistan are iron ores, limestone, chromites, silver, gold, gems stones, marble, copper and graphite. He urged the British investors to explore the untapped potential of this sector, which will surely result in win-win situation for all.
Being dependent on textiles sector, which directly and indirectly engages almost two third of Pakistan's resources, transfer of UK technology to Pakistan would be of great help. Other sectors include medical technologies with special focus on industrial biotechnology and science parks.
Moreover, he said, the UK was successfully implementing very advanced systems in Education and banking sectors therefore, joint ventures could be a good option to develop these sectors on modern lines in Pakistan. Apart from this, oil and gas exploration sector of Pakistan can be another area of mutual benefits for both the countries, Malik added. LCCI Senior Vice President Sheikh Mohammad Arshad, Vice President Sohail Azhar, former Presidents Shahid Hassan Sheikh and Mian Muzaffar Ali also spoke on the occasion.