By Anzal Amin
ISLAMABAD: UK-Pak Business Council is playing effective role in attracting foreign investment to Pakistan and establishing collaboration between investors for setting up joint ventures in various sectors of economy.
Chairman UK-Pak Business Council Pakistan chapter Mian Kashif Ashfaq while talking to a delegation of importers and exporters led by Rehmat Ullah Javed said the UK is the fifth largest economy in the world measured by nominal Gross Domestic Products (GDP) comprising 3 percent of the global GDP.
He said the UK is the ninth largest exporter and the fourth largest importer in the world.
He said council is creating awareness about Prime Minister Imran Khan’ special unprecedented package of incentives offered to all foreign investors to attract foreign investment to Pakistan for industrialisation coupled with business friendly environment. He said council is also planning to conduct a joint meeting of UK-Pak investors in the UK for exploring investment avenues in different sectors. Mian Kashif said Pakistan’s export to the UK posted 33 percent growth when it reached $2.025 billion in last fiscal year ended on June 2021 against $1.522bn over financial year 2020 mainly led by textile products.
He said remittances from the UK to Pakistan increased by 58 percent from $2.569bn in financial year 2020 to $4.067bn which he added is a good sign for economy.
He said principal reason for increase in Pak 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 he has set up special facilitation centre at his Lahore office to help,guide and assist all UK investors and they will be provided all facilities to visit the proposed sites for investment.
