UK wants to double bilateral trade up to £ 7 billion with Pakistan


Islamabad, JUL 6 /DNA/ – UK is the third largest global trading partner of Pakistan and is keen to double its bilateral trade up to £ 7 billion with Pakistan in a few years to achieve mutual prosperity for both countries. This was said by Mahesh Mishra, Counsellor and Group Head (Economic and Trade), British High Commission while addressing the business community during his visit to Islamabad Chamber of Commerce & Industry (ICCI).

The Commercial Counsellor said that the UK was uniquely placed to support Pakistan in transforming its economy. He said that the UK is also 3rd largest investor in Pakistan and more investors want to explore Pakistan for JVs and investment.

He said that around 1.6 million Pakistanis living in the UK are sending remittances of about USD 4.5 billion and providing important support to Pakistan’s economy. He said that the UK has placed Pakistan in the “Enhanced Framework” to provide the same level of market access (preferential tariffs) for exports to the UK as were available to it under the EU’s GSP Plus scheme. He highlighted the UK’s development support to Pakistan in cooperation with the World Bank Group and Asian Development Bank for its economic reform programmes. He said that he would love to work with the private sector of Pakistan to further promote bilateral trade ties between the two countries.

Speaking at the occasion, Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce & Industry said that given the strength of Pakistan and UK, their bilateral trade is still below their actual potential which can be improved with strong mutual efforts of private sectors of both countries. He said that Pakistan is an attractive market for business & investment and stressed that the investors of the UK should come to Pakistan with technology transfer to capitalize on these opportunities. He emphasized for frequent exchange of trade delegations and participation in each other’s exhibitions to explore new areas of mutual cooperation between Pakistan and UK. He said that both countries are doing trade in limited items and they should focus on diversification of trade to achieve better results. He also highlighted the opportunities of JVs and investment in CPEC projects for UK investors.

Jamshaid Akhtar Sheikh Senior Vice President, Muhammad Faheem Khan Vice President ICCI, Mian Shaukat Masud, Zafar Bakhtawari & Shaban Khalid former Presidents ICCI, Aamir Hussain, Ashraf Farzand, Hamayun Kabir, Sheikh Muhammad Ejaz & Akhtar Hussain, Executive Members ICCI also spoke at the occasion and offered useful suggestions to improve bilateral trade and economic relations between Pakistan and UK. They urged for enhancing cooperation in marble & granite, pharmaceutical, steel, textiles, tourism, aviation and other sectors to further strengthen economic ties between the two countries.