ISLAMABAD: The United Kingdom can promote trade and investment opportunities in Pakistan by investing in competitive sectors, said adviser to Prime Minister on Commerce Abdul Razak Dawood on Monday.
Talking to UK Trade Commissioner to Pakistan, Afghanistan and Middle East Simon Penney, the adviser said that continuation of preferential market access under GSP Plus in the post-Brexit scenario would ensure sustainability to the Pakistani exporters in the UK market.
Simon Penney on the occasion underlined the importance of post-Brexit bilateral trade between the two countries and resolved to maintain the same market access to Pakistan as it enjoys with EU countries since the grant of GSP Plus status in 2014.
In this regard, he informed that the UK companies were committed to continuing their imports from Pakistan.
Appreciating the bilateral investment relations through an improved business environment in Pakistan, he urged the adviser to remove all the bottlenecks being faced by the UK investment companies in Pakistan.
The trade commissioner informed the adviser about the UK Export Finance Scheme which covers the sale of goods to the tune of $1 billion in the UK market through the provision of risk insurance facility.
“Pakistani exporters can get the benefit of this finance scheme by supplying goods to UK companies that are availing this facility,” he stated. “UK companies intend to work jointly with Pakistani companies to enhance bilateral investment relations by exploring the untapped potential in various promising investment sectors.”
The adviser stated that Pakistan has launched a programme titled ‘Regulatory Guillotine’ to relax the business regulations, adding that the country has taken various effective steps to improve trade procedures.
Dawood said that the UK investment companies have a substantial presence in Pakistan, as they have made exponential investments in various sectors of the economy. The adviser also invited the UK trade commissioner for a follow-up visit in September so that further deliberations on bilateral trade and investment issues could be held.