Pakistan a priority market for business expansion: Naveed Qamar

ISLAMABAD: Federal Minister for Commerce, Naveed Qamar has urged the UK business community in Manchester to prioritize Pakistan as a market for business expansion.

He was addressing the Manchester-based business community during his official visit to the UK to attend the Commonwealth Trade Ministers’ meeting, said a press release issued here by the Commerce Ministry on Sunday.

The minister highlighted the favourable business environment and abundant opportunities available in Pakistan during his speech at the event, which was attended by the business community, UK Parliamentarians, Mayors, Councillors and media representatives.

The minister acknowledged the 1.6 million-strong Pakistani diaspora in the UK as the cornerstone of the strong UK-Pakistan relationship. The UK has become Pakistan’s third-largest export partner, second-largest investment partner and third-largest source of remittances, Naveed Qamar said.

He said despite pandemic restrictions, Pakistan’s exports to the UK grew by 33 percent, surpassing the US$2 billion milestone. Exports are expected to maintain momentum, with a 10 percent growth rate in the current financial year, said the Minister. Minister Qamar thanked the UK Government for its development assistance to Pakistan.

Commending the UK government, Qamar highlighted the announcement of a £1.5 billion facility to support bilateral investment and export.

He also appreciated the UK government’s concessions to Pakistan on Developing Countries Trading Scheme (DCTS) facility, resulting in zero duty on over 92 percent of Pakistan’s exports to the UK.

Qamar provided an overview of Pakistan’s policy landscape and economic performance, including increased revenue mobilization and investment promotion.

Concluding his speech, Naveed Qamar expressed confidence in further enhancing trade and investment relations between Pakistan and the UK. He encouraged businesses from both countries to capitalize on existing opportunities and collaborate on optimal utilization strategies.

The UK businesses expressed keen interest in engaging with Pakistan for business opportunities.