Islamabad: According to news reports, the Pakistan-UK Business Council will meet with investors in London next month to entice foreign investment in a variety of fields in Pakistan, as well as develop collaboration between the private and public sectors to establish joint ventures in various industries.
While speaking to a delegation of importers and exporters led by Chaudhary Araib Arain on Sunday, UK-Pak Business Council Pakistan chapter Chairman Mian Kashif Ashfaq said that the United Kingdom is the world’s fifth-largest economy, accounting for 3% of global GDP.
He added that the UK is the world’s ninth-largest exporter and fourth-largest importer and that the council is raising awareness about Prime Minister Imran Khan’s incentive package for foreign investors aimed at attracting foreign investment for industrialization while maintaining a business-friendly environment.
According to Mian Kashif, Pakistan’s exports to the United Kingdom increased by 33% to $2.025 billion in the fiscal year ending June 2021, up from $1.522 billion in the previous fiscal year, mostly due to textile products.
He stated that remittances from the United Kingdom to Pakistan increased by 58% from $2.569 billion in the fiscal year 2020 to $4.067 billion in the fiscal year 2021, which he believes is a positive indicator for the economy. According to him, the primary reason for the rise in local textile items is a market diversification drive by UK enterprises following the Covid-19-induced catastrophe.
Because of their over-reliance on Bangladesh, India, and China, UK-based corporations have realized their vulnerability. He stated that he has established a dedicated facilitation center at his Lahore office to help, guide, and assist foreign investors, who will be supplied with all facilities as well as free transportation to tour potential investment sites.