November 11, 2021: Chairman UK-Pakistan Business Council (UKPBC) Mian Kashif Ashfaq Thursday said bilateral trade could swell from existing level of £3 billion to £10 billion following the enhanced coordination between the private sectors of either countries.
He was talking to Asfund Yar Khan, President Pak-UK friendship Council Manchester chapter here on Thursday.
He said after the US and China, UK is the largest export destination for local traders.
He said “What we urgently need is to further improve the quality of our products to meet UK standards”.
He said there is massive potential for Pakistan in UK markets and only its tiny part has so far been exploited.
He said the government should devise a comprehensive strategy to sustain and accelerate the robust pace of growth recorded by the IT sector over the last couple of years. He said the government should promptly take “P@SHA” on board and tailor a joint plan to capture share in UK’s IT industry. He said UK is also the second largest source of direct foreign investment (FDI) for Pakistan.
Mian Kashif said net FDI inflows from the European nations in the last one decade totaled at $2.282 billion compared to $6.309 billion from China.
He said FDI inflows from UK can surely be increased by devising more lucrative policies for UK based firms operating in Pakistan.
He said textile exporters are not eager to develop liaison with UK companies to develop better understanding of each other’s markets and establish acceptable product lines at competitive price levels.
Asfund Yar Khan a UK based Pakistani businessman said Pakistani exporters have less brand power to project in UK. They are engaged in low impact marketing and a majority is least bothered to enter into joint ventures with British companies.
He said at present more than 600 British firms are operating in India compared to only 150 in Pakistan.
He pointed out the gross average increase in exports to UK amounts to just $70 million annually which is depressing.
He said Pak exporters can gain more access to UK markets if they concentrate seriously on promotion of their brands meeting international standards.
He said Pak-UK friendship always welcome Pak exporters and help them conducting meetings with their counterparts.
APP
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