LAHORE:UK-Pak Business Council is playing an effective role in attracting foreign investment to Pakistan and establishing collaboration between investors for setting up joint ventures in various sectors of economy.
Council’s Pak chapter Chairman Mian Kashif Ashfaq, while talking to a delegation of importers and exporters, led by Rehmatullah Javed, said that the United Kingdom (UK) was the fifth largest economy in the world, comprising three per cent of the global GDP, adding that the UK was the ninth largest exporter and the fourth largest importer country in the world.
He said the Council was creating awareness about Prime Minister Imran Khan’s unprecedented package of incentives, offered to all foreign investors to attract investment to Pakistan for industrialisation, coupled with business-friendly environment.
He said the Council was also planning to conduct a joint meeting of UK-Pak investors in the UK for exploring investment avenues in different sectors.
Mian Kashif said Pakistan’s export to the UK posted a 33 per cent growth when it reached $2.025 billion in the last fiscal year, ending on June 2021 against $1.522bln over financial year 2020, mainly led by textile products.
He said remittances from the UK to Pakistan increased by 58 per cent from $2.569 billion in financial year 2020 to $4.067 billion, which was a good omen for the economy.
He said principal reason for increase in Pakistan textile products was due to the market diversification drive by the UK companies in the aftermath of the COVID-19 induced crisis.
He said he had set up special facilitation centre at his Lahore office, to help guide and assist all UK investors and they will provide all facilities to visit the proposed sites for investment.