Business council to lure foreign investment in Pakistan

Web DeskWeb Editor

16th Aug, 2021. 01:10 pm

ISLAMABAD: UK-Pak Business Council will hold a meeting with the British investors in London next month to lure foreign investment in diversified fields in Pakistan, besides establishing collaboration between the private sectors for setting up joint ventures in various sectors of the economy.

Talking to a delegation of importers and exporters led by Chaudhary Araib Arain, UK-Pak Business Council Pakistan Chapter chairman Mian Kashif Ashfaq said that the UK is the fifth largest economy in the world measured by nominal gross domestic products (GDP), comprising 3 per cent of the global GDP.

The UK is the ninth largest exporter and the fourth largest importer in the world, he said, adding that the council is creating awareness about Prime Minister Imran Khan’s special unprecedented package of incentives offered to all foreign investors to attract foreign investment in Pakistan for industrialisation coupled with the business-friendly environment.

Ashfaq said that the council also plans to conduct a joint meeting of the UK-Pak investors in the UK for exploring investment avenues in various sectors.

Pakistan’s export to the UK posted a 33 per cent growth to reach $2.025 billion in the last fiscal year ended June 2021 against $1.522 billion over 2020, mainly led by textile products.

He said remittances from the UK to Pakistan increased 58 per cent to $4.067 billion from $2.569 billion in the financial year 2020, which is a good sign for the economy.

The main reason for an increase in Pakistan’s textile products is due to the market diversification drive by the UK companies in the aftermath of the Covid-19 induced crisis.

The UK companies have realised their vulnerability due to over-reliance on Bangladesh, India and China, he said, adding that he has set up a special facilitation centre at his Lahore office to help, guide and assist all the UK investors. And they will be provided all facilities to visit the proposed sites for investment, besides free transportation, he added.

Adsence 300X250