British High Commissioner Adam Thomson has said that the United Kingdom (UK) would keep its presence in Afghanistan until stability despite withdrawing its combat forces from Afghanistan by 2014. He was talking to a select group of economic journalists here on Friday evening. According to him, a stable and strong Afghanistan also suits Pakistan, as unstable Afghanistan would keep hurting investment leading to a slow down economic activity.
Talking about economic relations between UK and Pakistan, British High Commissioner said that efforts were afoot to jack the volume of Pak-British trade up to the level of 2.5 billion pounds by the year 2015. He said new British companies especially those of medium and small size, were being persuaded to invest in Pakistan the way, big British multinationals like HSBC, Standard Chartered Bank, Barclays and Unilever had done in the past.
"We are trying to persuade these companies that Pakistan is not a scary place. There are a lot of opportunities for these companies in this part of the world," Adam Thomson said. He said that the United Kingdom was extending support to the institutions like State Bank of Pakistan for capacity building and added that help was also offered to Planning Commission for the development of growth strategy.
British High Commissioner said that Pakistani government needed more resources to overcome the problem of circular debt in the energy sector. Economy was not growing at the pace of the increase in the population of this country. "If population continues to grow at the same rate, Pakistan would have four to five Karachi in the coming days," Adam Thomson added.
He said that Pakistani economy could come out of woods if it grows at a rate of 7 to 8 percent for at least three decades. He also said that Pakistani people and politicians have to look for indigenous solutions for the problems being faced by them and to march on the path of growth and prosperity. Responding to a question, British High Commissioner said that Pakistan and India had to resolve the issue of Kashmir, while taking the aspirations of Kashmiris into account.
He said that terrorism and violent extremism had taken toll on the economy of Pakistan, resulting in decline in Foreign Direct Investment to this part of the world. British High Commissioner said that Pakistani government needed more resources to overcome the problem of circular debt in the energy sector.
Later, speaking at a meeting with the Punjab Business Forum, British High Commissioner Adam Thomson urged the business community of the province to identify trade and investment opportunities for UK companies and also to highlight the UK as a potential investment opportunity for Pakistani companies. He reaffirmed the UK's commitment to increase the opportunities for both UK and Pakistani companies.
"The UK is absolutely committed to increasing trade with Pakistan for the benefit of both our countries. Our two countries are "joined at the hip" by trade, investment, history, people and culture. There is much we can do to learn and benefit from each other. Through years of research and innovation UK companies have the technology; knowledge and expertise, which can help Pakistani companies excel in their businesses.
"We want to see the Pakistan Government; growth strategy succeeded. And we want to identify more opportunities for trade with Pakistan. UK Trade and Investment offices in Lahore, Islamabad and Karachi can help Pakistani companies find suitable products from the UK or UK companies to partner in a business venture", Thomson added. He also highlighted the UK as one of the top destinations for foreign companies seeking overseas investment opportunities.
He said that already, the UK is Pakistan's best market in Europe and Pakistani companies that are looking to enter European markets can use the UK to set up their headquarters and make them a springboard inside Europe. The UK Government is committed in providing the best environment for investors, whether they are established businesses, expanding to the UK or locating to the UK for the first time, he assured. Meanwhile, Thomson also assured of quick response to visa applications from Pakistani entrepreneurs to step up efforts of increasing bilateral trade between Pakistan and UK.