A high level delegation of Faisalabad Industrial Estate Development and Management Company (FIEDMC) on Saturday left for United Kingdom (UK) on 5 day tour to promote bilateral trade and enhance close cooperation through exchange of private sector delegations.
In a press statement prior to his departure FIEDMC Chairman Mian Kashif Ashfaq said the purpose of this tour is to seek investment in FIEDMC different projects especially in Allama Iqbal Industrial City which is a prioritized Special Economic Zone under CPEC.
The delegation would have one on one direct interaction with foreign business leaders, researchers and investors in United Kingdom, he said adding the tour would enable investors to identify potential organizations to partner and developing successful regional economic strategies and support regionally vital businesses.
He said since the global economic gravity has shifted towards Asia and Pakistan, CPEC is opening new vistas of business opportunities to the advantage of the people.
Pakistani market is mostly unexplored and has huge potential, thus offers lucrative investment opportunities. Mian Kashif said the United Kingdom is the third largest investor in Pakistan after China and the Netherlands and accounts for 8% of foreign direct investment to Pakistan.
He said due to proactive efforts of the Pakistan High Commission, the British government had given a commitment that post-Brexit, Pakistan would continue to enjoy similar market access which it was currently enjoying under GSP Plus.
This development, he said, had removed the element of uncertainty and further boosted Pakistan’s exports to the UK market.
He pointed out that the EU had not necessarily prevented the UK from doing trade and business. “But now Brexit allows the UK to focus more on countries outside the EU.
The IMF has forecast 90% economic growth will occur outside the EU over the next 10 years,” he said. Mian Kashif said there were only 135 UK-based companies operating in Pakistan compared to around 5,000 in the UAE.
He acknowledged that there was a huge potential for Pakistan to attract more UK firms not only from Britain, but the UK-based firms operating in the UAE.
“With the potential of Pakistan’s economy, the history of strong economic ties, and the UK’s unique understanding of Pakistan, we think that the UK and Pakistan should be making a step-change in their trading relationship, to the benefit of both countries,” he concluded.