Britain expects new govt to undertake swift reforms

Believes reforms will attract investment from the UK, boost trade.

KARACHI: British High Commissioner to Pakistan Adam Thompson has said his country expects the new Pakistani government to set the direction of economic reforms in its first 100 days.

“We hope that the new government will work on its first 100-day plan of economic reforms,” said Thompson. “If that happens, it will not only increase the confidence of foreign investors, but also pave the way for greater trade with other countries, especially the UK.”

He said this while talking to members of the Karachi Chamber of Commerce and Industry (KCCI) at the KCCI head office on Thursday.

He believed that the bilateral trade target of 2.5 billion pounds that the UK and Pakistan set in April 2011 is very much achievable. In fact, trade has already reached 2.1 billion pounds, but the two countries need to show more enthusiasm to meet the target, he said in reply to a question from the media.

The British government hopes that the new elected government will immediately bring structural economic reforms, unleashing the economic capacity with all its strength to attract fresh British investment and increase bilateral trade substantially.



British companies are operating in Pakistan successfully, however, negative media coverage and perception of the country abroad needs to be addressed to attract new foreign companies.

Britain believes that Pakistan does not need aid, it needs trade to stand on its own feet. “We want Pakistan to grow economically so that the country does not look to others for aid or help,” Thompson said.

He told the businessmen that Britain has convinced its partners in the European Union that Pakistan needs trade concessions, especially the GSP Plus status.

“Pakistan was a trade corridor in the past for other countries in the region and we dream and would love to support Pakistan to become the trade corridor again,” he stressed.

British assistance to Pakistan was approximately £220 to £230 million that it gave in the last financial year. If this goes well, the assistance may be enhanced to £1 billion and hopefully this will be used to increase Pakistan’s trade with other countries, he said.

He also pointed out that efforts were underway to streamline the visa process and ensure issuance of business visas in 15 days.

He asked Pakistan to try to regain its top rank in the ease of doing business in South Asia, where it has slipped to the second position.

Published in The Express Tribune, April 26^th, 2013.

Like Business on Facebook to stay informed and join in the conversation.