Pakistan (Commonwealth Union)_ Dr. Michelle Kristy, spearheading the United Kingdom-Pakistan Inward Trade Mission, has called upon Karachi’s business community to capitalize on the opportunities afforded by the Developing Countries Trading Scheme (DCTS) recently introduced by the UK government. Kristy emphasized the transformative potential of the DCTS in augmenting trade ties between the UK and Pakistan, underscoring the current conducive environment for exploring new avenues for export.
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Addressing a gathering during the UK-Pakistan Inward Trade Mission’s visit to the Karachi Chambers Commerce Industry (KCCI), Kristy took note of the mission’s diverse composition, comprising presidents and representatives from various Chambers of Commerce in the UK. Their presence in Karachi is aimed at fortifying bilateral trade relations between the two nations, with subsequent visits slated for Lahore and Sialkot. In a significant development during the event, President of KCCI, Iftikhar Ahmed Sheikh, and President of the Greater Birmingham Chamber of Commerce, Nasir Awan, inked a Memorandum of Understanding (MoU) to nurture trade and investment cooperation between the UK and Pakistan.
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Kristy, at the helm of the trade mission, drew attention to the recent unveiling of the International Trade Centre’s export handbook at the British Deputy High Commission in Karachi. She asked the KCCI to make the handbook readily available on its website, highlighting its great potential to benefit Pakistani businesses that are eyeing exports to the UK. Kristy expressed optimism regarding the mission’s outcomes and advocated for sustained collaboration between the UK government and Pakistani enterprises.
Zubair Motiwala, Chairman of the Businessmen Group, underscored the longstanding historical bonds between Pakistan and the UK. He voiced optimism that the UK-Pakistan Inward Trade Mission would further fortify trade ties between the two nations. Motiwala also shed light on Pakistan’s rich array of resources and underscored investment opportunities, especially in the agriculture sector. He stressed the significance of value addition and technology transfer in bolstering Pakistan’s export prowess. Motiwala also outlined several initiatives spearheaded by the Special Investment Facilitation Council (SIFC), highlighting Pakistan’s call for investors to participate in the agriculture sector.
Under SIFC’s scope, investors are provided access to extensive fertile land spanning 26 million hectares, provided at no cost. Notably, investors retain ownership as long as production persists, with a mere 30% of profits earmarked for sharing with the provincial government. The President of KCCI, Sheikh, accentuated Karachi’s pivotal role as an economic center and extended appreciation to the UK-Pakistan Trade Mission and the International Trade Centre (ITC) for orchestrating the inward trade mission. Further, Sheikh also reaffirmed his commitment to facilitating meaningful business negotiations between UK and Pakistani enterprises, thus fostering enduring economic partnerships.
