Trade ties with UK offer more potential
The existing $1.6 billion trade volume between Pakistan and United Kingdom (UK) has vast potential to grow further in the coming years, Robert W Gibson, British Deputy High Commissioner to Pakistan said during a meeting with Syed Naveed Qamar, Federal Minister for Privatisation, Water & Power.
Pakistan’s macroeconomic policy is deeply impressive, presenting extraordinary liberal investment and attractive privatization opportunities, which needed to be exploited. This was endorsed by the envoy who further added, “There is a vast scope for British businesses and trade groups to benefit from the attractive investment opportunities offered in the financial, healthcare, oil and gas and power sectors.”
Syed Naveed Qamar informed the British Deputy High Commissioner that Pakistan has opened all the sectors for investment and trade without any discrimination among local and foreign investors, by providing a level playing field, improving macro economic indicators through consistency and continuity of economic, investment and trade policies and also by making the tax system simple.
Pakistan provides a attractive Privatization and Investment program with remarkable incentives for local and the foreign investors. The Privatisation Commission is interacting with the private sector in various countries to create awareness regarding the privatization and investment opportunities available in Pakistan through Public Private Partnership (PPP).
The Minister further stated that the government was endeavouring to bring back the economy on track and to bring in professional, efficient management from the private sector through Public Private Partnership (PPP) for enhancing the production, making value addition to our national assets by making them profitable and creating more jobs through expansions in the Public Sector Entities (PSEs). Furthermore, management outsourcing would be undertaken to enhance efficiency and promote corporate governance while upcoming equity linked instrument (Exchangeable Bonds) activity would put Pakistan on the map of Global Capital Markets, he added.
Gibson assured the minister that Britain would continue to promote investment in Pakistan. After the floods in 2010, it had proposed to grant Pakistan privileged trade access to European Union markets to help it recover from the flood disaster and bolster its political stability. The successful participation of Pakistan in “Spring Fair International” held every year in the UK is also evidence that Pak-UK trade ties are growing stronger.
Much desired results could be achieved if conducive environment is provided to the investors. Pak-British ties are getting stronger but Pakistan needs serious investment in sectors like energy, telecom, health and education