Business

Pakistan to assess post-Brexit trade opportunities with UK

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LONDON: Federal Secretary Commerce Azmat Ali Ranjha is on an official visit to the UK to assess post Brexit trade opportunities and relations with his British counterparts.

He is scheduled to meet  senior level members of the Department for International Trade and Foreign and Commonwealth Office (FCO), and meetings with the Parliamentarians, key business leaders and chambers.

On the first day of his visit on 28 September 2016, Secretary Commerce met Lord Marland of Odstock, who is the Chairman of Commonwealth Enterprise and Investment Council (CWEIC).

During the meeting, Ranjha informed him about the objective of his visit and highlighted the successes which the current government has achieved through better economic management of the country especially the impressive economic growth of 4.7% that was achieved in the last financial year.

He further added that the future of China Pakistan Economic Corridor (CPEC), project is anticipated to increase the connectivity across the region and will give a huge boost to the regional economies & trade.

Chairman CWEIC gave an overview of the Brexit and termed it as a great opportunity where the Commonwealth countries can benefit from the independent role which UK may play in the post Brexit period. He added that Pakistan has a lot of potential which needs to be explored and emphasised on working together to increase trade.

Ranjha called on Syed Ibne Abbas, Pakistan High Commissioner to the UK and exchanged ideas regarding ways and means of promoting trade and investment between Pakistan and the UK.

Later, a two member delegation comprising Mr. Wayne Evans, Senior Adviser to The City UK and Ms. Belinda Lewis, British Deputy High Commissioner to Pakistan met the Secretary Commerce.

The British Deputy High Commissioner said that a lot of potential exists for the British financial services sector to forge partnership with Pakistan. She also talked about expertise of Britain in the agro business sector.

Ranjha said that Pakistan is ready to engage in constructive dialogue with the UK to develop mutually beneficial trade relationship and welcomed the inflow of British investment in Pakistan.

Wayne Evans briefed about the ethos and expertise of TheCityUK, particularly in the Shariah compliant financial and insurance products. He also highlighted the expertise which they have in Public Private Partnerships and Privatization.

Ranjha also gave a brief overview of the insurance industry which has a lot of potential exists for partnership and investment from the British financial sector. He assured his full support in establishing sound commercial relations between the two countries.

In the evening, UK Pakistan Chamber of Commerce & Industry (UKPCCI), hosted a dinner in honour of Ranjha which was also attended by Pakistan’s High Commissioner.

He assured the UKPCCI of the full support from the government of Pakistan in facilitating their future programs related to enhancement of trade and investment relations between the two countries.

He also touched upon the turnaround that the Pakistan economy has experienced under the current government and stated that it is the right time to invest in Pakistan because the investment climate has improved dramatically and the country has made considerable progress on multiple fronts that have restored investor confidence.

Speaking on the occasion, the High Commissioner hoped that business community would be more proactive and take advantage of conducive business environment that exists in Pakistan.

The UKPCCI thanked the Secretary Commerce and Pakistan’s High Commissioner for their continued support to the business community.

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