UKPBC playing key role in attracting foreign investment

ISLAMABAD: The UK-Pakistan Business Council (UKPBC) is playing an effective role in attracting foreign investment to Pakistan and establishing collaboration between the investors for setting up joint ventures in various sectors of the economy.

UK-Pakistan Business Council Pakistan Chapter chairman Mian Kashif Ashfaq, while talking to a delegation of importers and exporters led by Rehmat Ullah Javed said that the UK is the fifth largest economy in the world measured by nominal Gross Domestic Product (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 investment to Pakistan for industrialisation coupled with the business-friendly environment.

He said the council also plans to conduct a joint meeting of the UK-Pakistan investors in the UK for exploring investment avenues in different sectors.

Mian Kashif said that Pakistan’s export to the UK posted 33 per cent growth when it reached $2.025 billion in the last fiscal year ended June 2021 against $1.522 billion over the financial year 2020, mainly led by textile products.

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

The main reason for the increase in Pakistan’s textile products is due to the market diversification drive by the British 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.

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