Fozia Azam

Yasmin Qureshi, a British lawmaker, has pledged to contribute to enhancing bilateral trade and economic links between Pakistan and the United Kingdom. Addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI) during her visit, she stated that Pakistan has enormous business and investment potential, which should be effectively promoted to draw in international investors.

According to Yasmin, Pakistan has several ongoing development projects that demonstrate the country's economic potential and will bring in additional foreign investment. She advised Pakistani business owners to utilise cutting-edge equipment and technology to reduce food and fruit waste in order to increase exports.

She said that as a frontline state in the fight against terrorism, Pakistan's economy has sustained significant losses. The improvement in Pakistan's security situation, she continued, is crucial for the expansion of the country's corporate and economic sectors.

She emphasised that the business community should play a part in encouraging youth education since doing so would also give businesses and industry access to educated and trained workers. She said that the UK has reduced its foreign aid and is now focusing on capacity building that can benefit Pakistan.

ICCI President Ahsan Zafar Bakhtawari spoke at the event and praised Yasmin Qureshi for her work as a British MP. He asked her to assist in fostering cooperation between Pakistan and the UK in trade, tourism, investment, and other areas as a member of the All-Party Parliamentary Group on Britain-Pakistan Trade and Tourism.

The UK imports more than £200 billion annually and exports more than £180 billion, but the bilateral trade between Pakistan and the UK is only about £3.5 billion up to the second quarter of 2022, which is far less than the true potential, Ahsan said. He stated that ICCI will put up a delegation for the UK and hoped Yasmin Qureshi would assist in putting it in touch with the appropriate partners there.

He emphasised that more British businesses, including those from the Pakistani diaspora, should be encouraged to take advantage of these opportunities by conducting business in Pakistan. He stated that many sectors of Pakistan's economy provide excellent opportunities for joint ventures and investment.

Credit : Independent News Pakistan-WealthPk