Muhammad Saleem

The business community, particularly the textile sector, is in a state of euphoria following the signing of an MoU between the Faisalabad Chamber of Commerce and Industry (FCCI) and the UK Chamber, reports WealthPK. According to the Trade and Investment Factsheet of the UK government, “Total trade in goods and services (exports plus imports) between the UK and Pakistan was £4.3 billion in the four quarters to the end of Q2 2023, an increase of 10.6% or £409 million in current prices from the four quarters to the end of Q2 2022.” The FPCCI Senior Vice President Dr Sajjad Arshad said the collaboration would surely promote bilateral trade. Following the MoU, the FPCCI will send a delegation to the UK to explore its market, as it wants to boost exports to cater to the needs of British consumers, he added. “The UK Chamber will help us in trade promotion and arrange our meetings with British businessmen. Both the chambers will organize trade related activities jointly to promote business related approaches on solid grounds,” he added. President  of UK Pakistan Chamber Mian Saad Hassan said he would help Pakistani entrepreneurs to explore British markets.

He said British markets had great potential and expressed hope that Pakistani entrepreneurs, particularly those of Faisalabad, would tap this opportunity. He said both the chambers would continue sharing business related information for mutual benefit. The businesspersons of Faisalabad have termed the MoU a tremendous opportunity for exports from Pakistan; however, they demand cooperation from the government. Talking to WealthPK, Salamat Ali, former chairman of Pakistan Hosiery Manufacturers and Exporters Association, said by joining hands with different international chambers of commerce, they could unlock the benefits of technology and their experiences. “It's not an era of working in isolation; we have to work shoulder to shoulder with the international business community. The textile sector of Pakistan has a tremendous potential to cater to the needs of international markets,” he added. Salamat said Pakistan’s association with international trade bodies would not help unless there was a permanent solution to the energy crisis and high tariffs. “Developed nations move according to the set pattern and we have to meet their demands after commitments, but we are in a fix and are not sure how to plan and what to plan amid the surging prices of electricity and its intermittent supply,” he said.

Like Salamat Ali, Ahmed, another textile exporter, also favours such business ties and solution to the issues the Pakistani industry is facing these days. Talking to WealthPK, he said Pakistani exporters were exploring the opportunities to strengthen their businesses and the country's exports. He said collaboration with the UK Chamber would surely bring the much-needed respite for the struggling textile sector of Pakistan. In the current scenario, he said Pakistan needed business ties with the international communities to battle the unbridled inflation. “Without promoting business activities, industrialization and economic growth, Pakistan will not be in a position to eradicate poverty and uncertainty. We have to introduce a permanent solution to the energy crisis and its price issue, as nobody can move forward amid such problems,” he said. “We can’t ignore the wealth of experience the UK entrepreneurs carry in different sectors, including technology, textile, automotive and others. Through collaboration, the business community of Pakistan can learn from them,” Ahmed said, “We must find out ways for the practical training of Pakistani youth in the UK”.

Credit: INP-WealthPk