LAHORE (July 05 2007): The bilateral trade between United Kingdom and Pakistan would touch new peaks with a huge new investment in future in a number of sectors including housing, agriculture, energy generation, hotels, fisheries and minerals.

Kashif Younas Mehar headed 15-member LCCI delegation to United Kingdom revealed this on his return here on Wednesday. He said that the trust of potential UK investors in Pakistan had increased manifold due to persistent efforts of LCCI and continuous liaison for the last three years.

He said that the LCCI delegation had a number of high-profile meetings including meeting with Pakistan's High Commissioner in the United Kingdom Dr Maleeha Lodhi, Lord Mayors of London and Leeds.

He said that this visit further strengthened the Memorandum of Understanding (MoU), which had already signed between the Lahore Chamber of Commerce and Industry and Pak-UK Chamber of Commerce. He said that the president and directors of Pak-UK Chamber of Commerce and Industry Muzaffar Chaudhry, Shahjehan and Mohammad Ishtiaq respectively had assured their full co-operation.

The UK businessmen and expatriate Pakistanis are of the view that there is a great scope in steel sector wherein one can invest in hot-rolled coils and cold rolled coils while same in the case with extraction of iron and copper ores.

Councillor Glasgow City Council Hanzala Malik expressed his concern over discontinuation of PIA flights to Glasgow saying that it would damage the businesses to a large extent and stressed the need for the revival of flights.

He also urged the LCCI delegation to do the needful for one-window operation in Pakistan as the bureaucratic hurdles keep on spoiling the whole business atmosphere in Pakistan. He said that Lahore and Glasgow had already signed twin cities and Glasgow City Council was ready to provide training to Pakistanis in the areas of their interest.

The delegation also attended a seminar jointly organised by Glasgow Chamber of Commerce & Industry and Glasgow City Council at Greater Manchester Chamber of Commerce & Industry. During the meeting both the sides identified the sectors of mutual interest and decided to further cement ties between Pakistan and UK.

Brian Cleasby, the Lord Mayor of Leeds, while speaking at a reception arranged by Leeds Chamber of Commerce and Industry in honour of LCCI delegation eulogised the government's business-friendly policies. He appreciated the economic stability achieved by Pakistan during the recent years and said that Pakistan stands out within Asia as an example of economic growth. "Pakistan is going through an exciting period.

Improvement in economy, high growth, increase in GDP and political stability achieved during the last seven years are unrivalled in its history and contributing to elimination of poverty," he said.

The Lord Mayor said the openness of economy has encouraged global investors and international companies to expand their operations in Pakistan. The Lord Mayor said that the success of Pakistan's reform agenda has not been fully brought to the attention of the world. "The success of Pakistan's reform agenda is a hidden secret which needs to be publicised more," he said.

He assured the participants that the British government would continue to facilitate Pakistani businessmen for the promotion of trade between the two countries.

Speaking on the occasion, the head of LCCI delegation Kashif Younas Mehar said that a lot of progress could be made on trade front through identification of new tradable items and this is possible through the active engagement of the Chambers of Commerce & Industry of the two sides and by arranging single country exhibitions. Participation of Pakistani exporters in the international trade fairs in UK and vice versa can also expand trade between the two countries.

He said that Pakistan offers good scope for investors in information technology, telecommunication, infrastructure, textiles (value addition), oil & gas, water & power, food & food processing, SMEs, engineering, tourism & services. We are particularly keen in British investments that could provide transfer of technology to Pakistan.

Copyright Business Recorder, 2007