LAHORE: Deputy Director for Trade, British High Commission, Olivia Campbell has said that the UK is keen to make investment in agriculture, renewable energy, green infrastructure and education sectors of Pakistan.
She was talking to the LCCI President Mian Tariq Misbah at the Lahore Chamber of Commerce & Industry on Tuesday. LCCI Vice President Tahir Manzoor Chaudhry and former Executive Committee member Rehman Aziz Chan also spoke on the occasion.
Olivia Campbell maintained that Pakistan is a huge emerging market and British businessmen are ready to increase trade and economic ties with their Pakistani counterparts. She added that a number of UK companies are already working in Pakistan which is an ample proof of the fact that the UK recognizes Pakistan as a potential market.
LCCI President Mian Tariq Misbah invited British investors to invest in China-Pakistan Economic Corridor (CPEC) that is a game changer. He added that the investors can make investment in Gwadar.
Moreover, the LCCI has urged the government to withdraw recent hike in oil prices that is bound to jack up cost of doing business and inflation in Pakistan.
The LCCI office bearers said that there is no denying the fact that oil prices were on the rise in the international market but instead of passing on this surge to masses, the government should cut the number of taxes on petroleum products as the fuel is the engine of growth. “If the fuel will be heavily taxed, the entire economy will suffer and the same happened in Pakistan as the repeated increases in the POL prices have affected the industrial and economic activities,” they said.
Meanwhile, United Business Group (UBG) Chairman Iftikhar Ali Malik has sought budget proposals from chambers and trade bodies for timely submission to the government for fully ensuring growth-oriented and business-friendly package to boost the economic activities during coronavirus pandemic.
“Pakistan is passing through great ordeal due to coronavirus pandemic and at this uncertain time, business community should come forward with a clear vision to steer out of the quagmire of impending economic crisis and in this regard, they should tailor proposals which help the government to revive the economy,” he said in a statement.
He said the private sector wants to supplement the government’s efforts, aimed at economic revival, adding that joint proposals will help make budget document business-friendly, which would ultimately result in a robust export-led growth.
Copyright Business Recorder, 2021