UK investors to be lured for investment in Pakistan

Web DeskWeb Editor

06th Sep, 2021. 12:24 pm

ISLAMABAD: The UK-Pakistan Business Council would meet with the British investors in London in the last week of September 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 Air Commodore Chaudhry Muhammad Asif Arain (Retd), UK-Pakistan Business Council Pakistan Chapter chairman Mian Kashif Ashfaq said that Britain is the fifth largest economy in the world measured by nominal gross domestic product (GDP), comprising 3 per cent of the global Gross Domestic Product.

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

The council was also planning to conduct a joint meeting of UK-Pakistan investors in the UK for exploring investment avenues in various sectors.

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

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

He said the main reason for an increase in Pakistan’s textile products was 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 the 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 would be provided all facilities to visit the proposed sites for investment, besides free transportation, he added.

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