Islamabad, November 13, 2012 (PPI-OT): A Session on Enhancing bi-lateral Trade between UK and Pakistan was held during Pakistan Fashion and Textile Exhibition 2012 held at Manchester, UK organized by SMH-International-Events Management in collaboration with the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The session was co-chaired by Mr. Peter Thomson, UKTI North West and Sheikh Humayun Sayeed, Chief Executive, SMH-International.
Haji Fazal Kadir Khan Sherani, President, FPCCI while speaking on occasion said that Pakistan attaches great importance to its relations with the UK. He said that the existing $1.8 billion trade volume (2010-2011) between Pakistan and United Kingdom (UK) has vast potential to grow further in the coming years.
The trade balance is in favour of Pakistan by $ 577 million. He stated that under the Enhanced Strategic Dialogue in 2011, both Governments have agreed to raise bilateral trade volume to 2.5bn pounds by 2015. Mr. Sherani lauded the efforts of UK Government to support Pakistan.
Mr. Tariq Sayeed, indicated that Pakistan has opened all the sectors for investment and trade without any discrimination among the local and foreign investors by providing level playing field and UK enterprises can benefit from Investment friendly policies of Pakistan.
He pointed out that it is necessary to recognise the prominent role played by expatriate Pakistanis in the economic development of the country. He mentioned that Pakistan is facing acute shortage of Energy, which is hampering the growth of commercial activities and industrial production in Pakistan. UK enterprises can help Pakistan in overcoming this problem by making sizeable investment in this sector.
UKTI thanked Sheikh Humayun Sayeed and FPCCI and appreciated the role of private sector initiative in holding the Exhibition in UK. He indicated that about 100 UK companies have invested in Pakistan to the tune of £ 1.8 billion.
International Power (IP) of the United Kingdom plans to invest a further (£600m) in Pakistan to expand Kapco by 400 megawatts and Uch power plant by 600 megawatts to meet the future growing demand of electricity, he added. He announced that as a follow-up of the outcome of the discussions with the Pakistani participants during the B2B meeting, UKTI will undertake a trade delegation to Pakistan in March 2013.
Sheikh Humayun Sayeed, thanked Pakistan High Commission, Manchester Chamber, UKTI and Commercial section of Pakistan High Commission for extending their valuable support in organizing this exhibition successful.
He suggested that Pakistani entrepreneurs need to come forward and tap the expertise of UK companies in agriculture, energy and healthcare as they possess the latest knowledge and technology in these sectors.
He indicated that there is urgent need for convening Pak-UK Business Council Meeting and frequent exchange of delegates and holding of Single Country Exhibition on reciprocal basis. To further augment trade and investment ties, Banking and Insurance sectors are needed to be expanded.
For more information, contact:
Syed Masood Alam Rizvi
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
B-1, Federation House, Main Clifton Road,
Tel: 0092-21-35873691, 93-94
Fax: +9221 3587 4332