Islamabad, Pakistan (CU)_ According to Mahesh Mishra, the United Kingdom is Pakistan’s third-largest commercial partner on a worldwide scale, and it hopes to double its bilateral commerce with Pakistan to £7 billion over the next few years in order to achieve prosperity for both nations. According to a news release, Mahesh Mishra, Counselor and Group Head (Economic and Trade) of the British High Commission, made these remarks during a business community meeting at the Islamabad Chamber (ICCI).
The Commercial Counselor stated that the United Kingdom was uniquely positioned to assist Pakistan in its economic transformation. According to him, the United Kingdom is the third largest investor in Pakistan, and that more investors are interested in exploring the country for joint ventures and investments. He stated that over 1.6 million Pakistanis residing in the United Kingdom pay approximately 4.5 billion dollars in remittances to Pakistan, thereby contributing significantly to the country’s economy.
According to him, the United Kingdom has kept Pakistan in the “Enhanced Framework” to give the same degree of market access (preferential tariffs) for exports to the United Kingdom as it had under the EU’s GSP Plus program. He also emphasized the United Kingdom’s development assistance to Pakistan in collaboration with the World Bank Group and the Asian Development Bank for its economic reform initiatives. He expressed a desire to collaborate with Pakistan’s corporate sector to strengthen the bilateral commercial relations between the two nations.
According to Muhammad Shakeel Munir, president of the Islamabad Chamber of Commerce and Industry (ICCI), bilateral commerce between Pakistan and the United Kingdom is still below its true potential. However, the connections could be enhanced through the joint efforts of the business sectors of both nations. He added, “Pakistan is an attractive market for business and investment and stressed that the investors of the UK should come to Pakistan with technology transfer to capitalize on these opportunities.”
In an effort to explore new areas of mutual collaboration between Pakistan and the United Kingdom, he urged the constant exchange of trade delegations and participation in one another’s trade shows. He stated that both nations were trading in a limited number of products and that they should focus on diversifying their commerce to obtain greater outcomes. He also emphasized the prospects available to UK investors to invest in joint ventures and CPEC projects.
