British Deputy High Commissioner Mike Nithavrianakis has said that overall environment of Pakistan getting better for investment in Pakistan. Speaking at a meeting of Korangi Association of Trade and Industry (KATI), Mike said that with improved security situation in Pakistan, particularly in Karachi, international perception of the country has improved enormously.
He also cited that international rating of Pakistan regarding ease of doing business has improved which is a positive sign. He said that British companies in Pakistan have been performing tremendously and on many occasions they even get more profit from the country as compared to the region. He said that the United Kingdom wants to expand its trade and economic relations with Pakistan and there is need for a comprehensive strategy for achieving this goal.
He said declining exports have been the biggest challenge to Pakistani economy. He said discouraging import balance and enhancing bilateral trade should be considered in policy initiatives. KATI President Sheikh Umer Rehan briefed the British envoy regarding economic significance and production capabilities of Karachi industrial area. He said that there exist lots of opportunities for taking bilateral relations of both countries to higher levels.
He said that SMEs were producing 60-70 percent of exports but now this share has reduced to 20-30 percent. Senator Abdul Haseeb Khan called for expanding B2B relations between the two countries.
Masood Naqi was of view that there are lots of fertile venues for British investors in Pakistan, especially in services, agriculture, tourism and other sectors. He suggested seeking assistance from the Commonwealth for strengthening economic ties between UK and Pakistan.
Responding to the queries of participants of the meeting, the British envoy said that Commonwealth Development Corporation (CDC) can play an important role in the development of Pakistan however it would need comprehensive ideas for development. Both sides have agreed to share deliberations to enhance trade ties, he maintained.
Copyright Business Recorder, 2019
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