‘Pakistan; A Land of Opportunities’
Consulate General of Pakistan, Manchester, and Pakistan Britain Business Council, with the support of Greater Manchester Chamber of Commerce hosted a conference ‘Pakistan; A Land of Opportunities anuary 27th in Manchester.
Consul General Tariq Wazir welcomed and informed the participants that the objective of the conference was to highlight the excellent trade and investment opportunities in Pakistan. Pakistan was one of the most exciting and emerging economies of the world whose geo-economic and geostrategic position made it increasingly important.
Mr. Moazzam Ahmed Khan, High Commissioner of Pakistan, while addressing the audience, highlighted the reforms being undertaken by Pakistan to facilitate a business-friendly ambience. He said that the United Kingdom was Pakistan’s strategic partner, and that this partnership was deepening with the passage of time through engagements and linkages among different areas of mutual interest. UK, being the 3rd largest export market for Pakistani products, accounted for approximately 8% of Pakistan’s global exports. The High Commissioner noted that in 2021, despite the pandemic, Pakistan’s exports to UK increased by 33%, thus achieving a milestone of US$ 2 billion for the first time. He said, Pakistan’s GDP, despite covid, in year 2020-21, grew by 5.37%, which was 2nd highest in 14 year.
He opined that the trade regime governing Pakistan-United Kingdom trade relations was primarily based on GSP plus. More than 92 % exports from Pakistan to UK availed this preferential trade regime. It was about time to start negotiating an FTA, however.
H.E Mark Eastwood, Prime Minister’s Trade Envoy to Pakistan, showed strong desire to improve existing trade and investment relations between Pakistan and the United Kingdom. He shared that he would be visiting Pakistan soon along with a business delegation to explore further opportunities to enhance bilateral trade. He further said that he was supporter of Free Trade Agreement between Pakistan and the United Kingdom and wanted to see strides taken in this direction.
Julian Hamilton Barns, Chairman PBBC, made a presentation highlighting the business opportunities in Pakistan.
Mr. Shafiq Ahmad Shahzad, Trade and Investment Minister PHC London, and Mr. Muhammad Akhtar, Trade and Investment Secretary, Manchester made detailed presentation on the opportunities in Pakistan. They highlighted the following opportunities for the UK companies in Pakistan:
• Goods manufactured in Pakistan have preferential market access under Free Trade Agreements with China, Malaysia, Sri Lanka, South Asian countries- SAFTA and PTAs with Iran, Indonesia, Mauritius.
• Products manufactured in Pakistan have GSP plus market access in EU and UK.
• Food Processing, Logistics, Textile, Automobiles, Information Technology, Housing & Construction, and Tourism & Hospitality are the priority sectors for investment in Pakistan
• Huge opportunities for the companies in the United Kingdom to invest in Wind Energy, Information Technology, infrastructure, and Pharma sectors of Pakistan.
• Pakistan’s IT sector has a promising future, brimming with talent, and with potential to become the largest export industry of the country from $ 3.5 billion currently to potentially US$ 20 billion.
• IT human resource comprises 400,000 professionals with an annual addition of 25,000. For IT and IT-enabled Services Companies, Pakistan has introduced special incentives i.e., tax holiday on VC funds until 2024, tax exemptions on IT exports till 2025, 100% equity ownership and 100% repatriation of capital and dividends.
• Special incentives available to the investors in Special Economic Zones and Special Technology Zones being established across the country.
Other speakers including Mr. Campbell Keir, Senior Infrastructure Advisor, British Expertise, Mr. Aneel Musarart, MCR Property Group, Ms. Debora Smith, De La Rue, Mr. Tony McSweeney, T&A Apparel, and Ms. Susana Cordoba of Greater Manchester Chamber of Commerce also shared their experiences about doing business with Pakistan. They apprised the audience about the improved business environment and facilitation being offered by the government of Pakistan. to facilitate
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