A delegation of British companies to visit Pakistan
ISLAMABAD – British minister for trade will lead a delegation of top British companies to Pakistan in February to seek investment opportunities in energy, infrastructure and other emerging sectors.
This was stated by British Under-Secretary of State Tobias Ellwood who called on the Minister for Commerce Khurram Dastgir Khan here on Tuesday. British High Commissioner in Pakistan Phillip Barton was also present in the meeting.
During this meeting commerce minister said that Prime Minister Nawaz Sharif’s overarching principle is shared prosperity through regional economic integration by connecting South Asia to Central Asia. He said that China Pakistan Economic Corridor would serve as the backbone of Pakistan’s connectivity with the Western and Central Asian neighbours. This will substantially improve Pakistan’s exports to these regions, he said.
The minister said that business communities in Pakistan are slowly gaining confidence to invest as the security situation in the country has improved and economic stability is visible, he said. He also said that the macro-economic stability in the country has coincided with the initiation of China-Pakistan Economic Corridor project and the anticipated removal of sanctions over Iran. He hoped that these emerging opportunities would turn a new leaf in the economic history of Pakistan.
British minister said that UK Export Finance (UKEF) the UK’s official export credit agency, is resuming support for export finance loans to government and other public agencies in Pakistan. He said that it has increased the amount of cover available to support UK trade with Pakistan to around $300 million from just over $200 million. These changes signal recognition that economic conditions in Pakistan have improved following the country’s successful engagement with the IMF. The government of Pakistan is making strong efforts to tackle the national deficit and debt and this is good news, he said.
The British under-secretary expressed his satisfaction at substantial gains made by Pakistan in exports to the European Union during the last eighteen months and said that Britain would continue to support Pakistan’s case for continuation of GSP plus.