The UK-Pakistan Business Council will hold a meeting with UK investors in London next month to lure foreign investment in diversified fields in Pakistan besides establishing collaboration between the private sector for setting up joint ventures in various sectors of the economy.
Chairman UK-Pakistan Business Council Pakistan chapter Mian Kashif Ashfaq on Sunday while talking to a delegation of importers and exporters led by Chaudhary Araib Arain said that 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, adding that the 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 a business friendly environment.
He said the council is also planning to conduct a joint meeting of UK-Pak investors in the UK for exploring investment avenues in different sectors.
Kashif said Pakistan’s export to the UK posted a 33 percent growth when it reached $2.025 billion in the last fiscal year ended in 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 $2.569 billion in the financial year 2020 to $4.067 billion which he added is a good sign for the economy.
He said the principal reason for the increase in Pakistan textile products is due to the market diversification driven 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 a 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 besides free transportation.