KARACHI: British Deputy High Commissioner Steve Crossman emphasised on taking more steps to increase trade between Pakistan and the United Kingdom (UK), which at present is very low compared to its potential.
“Last year, bilateral trade was $2.6 billion. There is need to build our trade capacity and Pakistan government should make trade and investment process easier and faster,” he said during a chat with senior journalists at a farewell dinner for him at his residence hosted by Mundia Group of Industries.
The reception was attended by Sindh Minister Syed Nasir Hussain Shah, diplomats from Korea, Bahrain, Oman, USA, Russia, Sri Lanka, and prominent business, political and social figures who were welcomed by Mundia Group Chairman M Illyas Mundia and his son M Basit Mundia.
“The trade between the two countries is good but it can be much better. There are many constraints, like Pakistan’s negative image, a difficult licensing process for foreign companies and complex taxation procedures. The law and order situation in Pakistan also needs further improvement,” the British deputy head of mission said.
“Big business people want to invest here. It takes months to start a business due to a slow and complex process of completing formalities. Thus their cash flow gets stuck up,” he mentioned, adding that unnecessary delays also create space for corruption.
He said that over 100 British companies are operating and doing well in Pakistan and more companies might come in if the investment and trade environment is made attractive.
Mundia Group of Industries Chairman M Illyas and M Junaid Mundia presented Sindhi traditional shawl ajarak and Sindhi cap to the deputy head of mission.
