UK firms aim to deepen trade ties

The United Kingdom gives utmost importance to its relations with Pakistan and there is a huge potential for enhancing bilateral trade and cooperation in telecommunication, information technology, agriculture, pharmaceutical and higher education sectors, said British High Commission Deputy Director for Trade Olivia Campbell.

 In a meeting with All Pakistan Business Forum (APBF) President Syed Maaz Mahmood and Senior Trade Policy Adviser Rehan Shahid on Thursday, Campbell highlighted that British firms were aiming to deepen trade and economic ties with their Pakistani counterparts, as many UK companies were already operating in the country.

 “Pakistan is a huge emerging market,” he stated. On the occasion, APBF President Maaz Mahmood emphasised the need for further expanding areas of cooperation and strengthening economic ties with the UK.

Read More: Pakistan calls for revisiting trade, tech regimes

“Pakistan’s economy is on the path of sustainable growth and after the implementation of International Monetary Fund’s (IMF) loan programme, the government will overcome its balance of payments problem,” he said.

Highlighting that the China-Pakistan Economic Corridor (CPEC) had entered its second phase, he said that its development along with the Special Economic Zones (SEZs) would provide attractive incentives and facilities to investors, thus transforming Pakistan into a lucrative market for investment.

He urged British investors to fully exploit the opportunity. Quoting figures, Mahmood stated that bilateral trade between the two countries increased 25% to $2.65 billion, while Pakistan’s exports to the UK rose 33% to $2.025 billion in 2020-21.