Pakistan is open for business, say big business entities in UK

LONDON:  Pakistan Britain Business Council (PBBC) and its sister company Pakistan Scotland Business Council (PSBC) has signed a Memorandum of Understanding (MoU) with the London Chamber of Commerce and Industry (LCCI) to strengthen the links between the three organisations.

All the big business entities present on the occasion said Pakistan is open for business and offers tremendous trade and investment opportunities.

The event was hosted and supported by the Pakistan High Commission in London. It was the first time ever when a mainstream British chamber was connected with a joint business platform.

The purpose of the collaboration is to promote and strengthen the development of economic and trade relations and cooperation between the member companies of each organisation in the UK and Pakistan and to promote and facilitate small and medium-sized enterprises in both countries.

On a macroeconomic level the collaboration will focus on bilateral trade and investment opportunities in both UK and Pakistan working with stakeholders and the governments of both countries.

Pakistan High Commissioner to the UK Syed Ibne Abbas welcomed the signing of the MoU between the main business bodies.

“During the last few years, Pakistan’s economy has experienced a remarkable turnaround as recognised by independent financial institutions. The China Pakistan Economic Corridor, with its $56 billion investment portfolio is going to create enormous opportunities for the global corporate enterprise,” he said.

“We have a liberal trade and investment regime. In this backdrop, collaborative effort between big business entities through this MoU is, indeed, a welcome development.”

Chairman PBBC Julian Hamilton Barns said, “Pakistan’s economy is gaining pace and with our strong historical and cultural connections with Pakistan, we see huge potential to develop economic links especially following Brexit.”

He further added the PBBC is actively promoting bilateral trade and encouraging UK investors to seize the enormous business opportunities that are available in Pakistan. Moreover he also described Pakistan as a safe country for trade and investment declaring that “Pakistan is open for business”.

Peter Bishop, Deputy Chief Executive, LCCI termed the MoU an important trade development platform in the future. He stated that Pakistan is open for business and opportunities are enormous.

Mr Bishop expressed the LCCI’s intent to enhance trade ties with Pakistani businesses in collaboration with the PBBC. He expressed that they would also like to send joint trade missions to Pakistan to explore further opportunities.

He also appreciated the role of the Pakistani diaspora in promoting business links with the UK. He also commended the proactive role of the Pakistan High Commission.

The High Commission facilitates such events to promote commercial relations between the two countries and will help in boosting the level of British investment in Pakistan.