UKTI endeavours to enhance trade volume by 50pc

KARACHI (PR) - Chief Executive of UK Trade and Investment (UKTI) Sir Andrew Cahn has said that UKTI will be making efforts to enhance the existing trade volume between Pakistan and UK by at least 50 percent to 1.5 billion.
Addressing a press conference here at British Deputy High Commission, Sir Andrew Cahn informed that the volume of trade currently stood at 1 billion, which can be enhanced further by clarifying the misconception in UK about Pakistan, which were widely being spread by the media.
Robert Gibson, British Deputy High Commissioner Karachi and Director UK Trade and Investment Pakistan were also present on the occasion.
Sir Andrew Cahn stressed that UK companies need to be made aware of the exciting business opportunities in Pakistan. I understand that there is an issue regarding security, which is as much about perception as reality, but the 100 UK companies that are operating here, are functioning and performing very well, he added.
He said that UKTI works with the Pakistan-Britain Trade and Investment Forum and the Pakistan High Commission in London to raise awareness of Pakistan as an attractive and dynamic commercial environment.
Identifying the investment opportunities available in Pakistan for UK business community, Sir Andrew pointed out that financial services, oil and gas, pharmaceutical, education and power generation sectors etc can attract foreign investment from UK, which is already the second largest investors in Pakistan.
Over a hundred British companies are operating in Pakistan with major investment in power, oil and gas, pharmaceuticals and financial sectors. Many of the biggest names on the UK high street also have outlets in Karachi, Sir Andrew noted, who was on a two-day visit to Pakistan.
He said that Pakistan is an open economy which holds vast potential for UK businesses and they are keen to bring British talent and ideas to the country. Sir Andrew noted that relationship between Pakistan and UK is strong. It has both historic links and a modern, dynamic partnership in several areas. He also mentioned that UK was home to 1 million people of Pakistani origin, who have enriched the cultural and social fabric of British society and the contribution they have made to UK communities and the economy.
Highlighting the effective role being played by UKTI, he informed that UKTI employs 2400 people in total, including 1300 staff working in 99 markets around the world, plus another 400 staff working in the English region. We have a team of eight here in Pakistan, working out of three offices in Karachi, Islamabad and Lahore, he said, adding that their job is to help UK companies access business opportunities in Pakistan, by highlighting them through their website and other channels, preparing market research, contacting companies here on their behalf and setting up meetings. They also help Pakistani companies seeking to invest in the UK.
Commenting further on doing business in Pakistan, Sir Andrew said that doing business in Pakistan is much easier than other countries around the world thanks to the foreign investment friendly policies implemented by the government. Business regulations have been overhauled to become the most liberal in the region. Unlimited remittance of profits, dividends, service fees or capital is permitted along with 100 percent ownership of equity by foreign investors in the social, infrastructure, manufacturing and service sectors, he added.
British companies have done well in Pakistan. They find the regulatory environment favourable. We have been consistently among the top four largest international investors, CEO UKTI said.
He said that the UKTI team in Pakistan is committed to enhancing and deepening trade and investment relationship. We will do all we can to highlight the many opportunities that exist in Pakistan and to encourage British companies to avail themselves for those opportunities.