Britain plans business centres to boost trade

Such facilities in major cities will offer advice, assistance.

LAHORE:

With an objective to increase bilateral trade and investment, the UK Trade and Investment (UKTI) is planning to establish British business centres in all major cities of Pakistan and the first such facility will be set up in Karachi.

British Deputy High Commissioner John Tucknott stated this while speaking at the Lahore Chamber of Commerce and Industry (LCCI).

Tucknott said the business centres would provide expert trade advice and practical support to the companies that wanted to grow their business overseas. “Through a range of unique services, these centres will help businessmen to trade successfully in foreign markets and become familiar with overseas business practices.”

He pointed out that the UKTI, a UK government department, was working with all chambers in Pakistan, government institutions and the Trade Development Authority in an effort to step up bilateral trade.



A number of large British companies are already working with the government of Pakistan in the energy sector. Shortage of energy is the most burning issue and the UK has expertise in quite a few energy-related sectors.

“These are the most exciting times for the UK-Pakistan commercial ties to grow as synergies exist in private sectors of the two countries,” Tucknott remarked.

The UKTI was closely working with British companies to make them more focused on exports, he said.

Speaking on the occasion, LCCI President Engineer Sohail Lashari said it was a positive sign that the volume of bilateral trade had touched the $2-billion mark.

Trade analysis of the last three years has been encouraging as the commerce is growing in favour of Pakistan.

Lashari said flow of foreign direct investment (FDI) from the UK is around $155 million until April this year. Only Switzerland, USA and Hong Kong have greater inflows with figures of $257 million, $241 million and $200 million respectively.

The LCCI believed that UK companies would increase FDI in coming months, he said stressing there were a number of sectors that offered a lot of opportunities to UK investors.

Lashari pointed to alternative energy solutions like solar, wind and coal energy and new hydroelectric power projects as areas where Pakistan badly needed assistance both in the form of finance and technology.

Published in The Express Tribune, May 27^th, 2014.

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