UK-Pakistan inward trade mission promotes ties

Leader of the United Kingdom-Pakistan Inward Trade Mission, Dr Michelle Kristy urged Karachi’s business community to seize the opportunities presented by the Developing Countries Trading Scheme (DCTS) introduced by the UK. Kristy underscored the potential of the DCTS to enhance trade between the UK and Pakistan, highlighting the current favourable climate for exploring export opportunities.

Addressing a meeting during the visit of the UK-Pakistan Inward Trade Mission to the Karachi Chambers Commerce Industry (KCCI) on Wednesday, Kristy noted the diverse representation within the mission, which includes presidents and representatives of Chambers of Commerce in the UK. Their presence in Karachi aims to bolster bilateral trade relations between the UK and Pakistan, with subsequent visits planned for Lahore and Sialkot.

During the event, President KCCI Iftikhar Ahmed Sheikh and President Greater Birmingham Chamber of Commerce Nasir Awan signed a Memorandum of Understanding (MoU) to foster trade and investment cooperation between the two countries.

The leader of the trade mission highlighted the recent launch of the International Trade Centre’s export handbook at the British Deputy High Commission in Karachi. She urged the KCCI to make the handbook available on its website, underscoring its potential benefit to Pakistani businesses seeking to export to the UK. Kristy expressed optimism about the visit’s outcome and called for continued collaboration between the UK government and Pakistani companies.

Chairman of the Businessmen Group, Zubair Motiwala, highlighted the historical ties between Pakistan and the UK. He expressed hope that the UK-Pakistan Inward Trade Mission would further enhance trade relations between the two countries. Motiwala outlined Pakistan’s diverse resources and highlighted opportunities for investment, particularly in the agriculture sector. He underscored the importance of value addition and technology transfer in boosting Pakistan’s exports.

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He highlighted several initiatives by the Special Investment Facilitation Council (SIFC), mentioning Pakistan’s invitation for investors to engage in the agriculture sector. Under SIFC’s initiative, investors are offered access to vast fertile land totalling 26 million hectares, provided at no cost. Investors retain possession as long as production continues, with only 30% of profits shared with the provincial government, he remarked.

The KCCI president highlighted Karachi’s role as an economic hub and expressed gratitude to the UK-Pakistan Trade Mission and the International Trade Centre (ITC) for organising the inward trade mission. Sheikh reiterated the commitment to facilitating productive business interactions between UK and Pakistani businesses.

Published in The Express Tribune, February 29^th, 2024.

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