LAHORE: A large number of UK businessmen are keen to invest in Pakistan through joint ventures, but have been unable to do so because Pakistanis have not established their brands in the world market, according to UK business tycoon James Caan.
“Pakistani businessmen and the government should concentrate on establishing branding culture by focusing more on quality instead of quantity. The branding culture is the key to an economic turnaround,” he said.
Speaking at the Lahore Chamber of Commerce and Industry (LCCI), Caan said that foreign investment could get a boost in real terms if dissemination of all business-related information was ensured to potential foreign investors. Stressing the need for a greater volume of two-way trade, he urged LCCI office-bearers to arrange a delegation to UK.
He said that UK, being the fastest growing economy in the European Union, has huge potential for Pakistani businessmen to have joint ventures with their counterparts there.
LCCI Senior Vice President Sheikh Mohammad Arshad said that Pakistan was particularly interested in transfer of technology, but to materialise the idea, the business community in the United Kingdom would have to play a significant role.
He explained that there are several areas for which UK and Pakistani entrepreneurs must chalk out a comprehensive business strategy for mutual benefit. Keeping in view the current low level of trade between UK and Pakistan, he emphasised the need for more efforts.
Published in The Express Tribune, February 13th, 2011.