Britain wants more flow of investment to Pakistan
LAHORE, Dec 16 (APP): The British Deputy High Commissioner Hamesh Denial has said that Britain would continue to facilitate Pakistani businessmen for the promotion of trade between the two countries.
Speaking at LCCI on Friday, he said that the Great Britain being the largest investor in Pakistan, wants to multiply the flow of investment and is ready to take all necessary steps in this regard.
LCCI President Mian Shafqat Ali, Vice President Aftab Ahmad Vohra, former presidents Shahzada Alam Monoo, Mian Misbah-ur-Rehman and former Senior Vice President Sohail Lashari also spoke on the occasion.
He said that the British government along with other European Union member states is striving to get solved the issue of anti-dumping duty on bedlinen to make the export of Pakistani textiles to European Union a bit easier.
He said that the relations between Pakistan and the United Kingdom are developing very positively as a lot of high-ranking visits are expected this year.
He said that a big textile machinery delegation is due in the last week of January and it would be a big event as the delegation would stay in Pakistan for five days to discuss business opportunities with their Pakistani counterparts.
He said that Pakistani entrepreneurs should also arrange sector-specific delegations to Britain so that the two-way trade between the two countries could touch new heights.
Speaking on the occasion, the LCCI President, Mian Shafqat Ali, said that the trade between Pakistan and United Kingdom is still not upto the mark. He said the trade volume could be increased significantly by removing anti-dumping duties imposed at the rate
of 13.1 percent by the European Union on the export of bedlinen from Pakistan and avoiding change in the Rules of Origin, which would result in relocation of entire value-added textile sector to less developed countries.
He urged the UK investors to visit Pakistan and see for themselves the facilities and enabling environment for direct foreign investment.
The LCCI President said that Pakistan occupies a strategic position in the region. It is a key market populated with 150 million people and its manpower is highly capable. Labour is comparatively cheap. Investment operations based in Pakistan would not be restricted to the Pakistani market alone but would find their way to India and Central Asian States.
The establishment of Gawadar Port, Balochistan and Sundar Industrial Estate offer huge opportunities for investment by British citizens. He informed the British Diplomat that some of the portion of Sundar Industrial Estate in Lahore has been reserved exclusively for foreigners. To be specific, Pakistan offers immense scope for investors in information technology, telecommunication, textiles (value addition), oil & gas, water & power, food & food processing, SMEs, engineering, tourism and services etc.
He said that frequent interaction of Chambers of Commerce & Industry of the two countries could be instrumental in raising the level of trade and investment between the two countries.
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