A Memorandum of Understanding (MoU) between the Pakistan-Britain Business Council (PBBC) and the Islamabad Chamber of Commerce and Industry (ICCI) aims to strengthen collaboration and promote bilateral trade between Pakistan and the United Kingdom. The MoU was signed by PBBC Chief Executive Officer Rashid Iqbal, and ICCI President Ahsan Zafar Bakhtawari during a PBBC delegation's visit to the ICCI.

Speaking at the event, Julian Hamilton Barns, Chairman of the PBBC and Honorary Consul General of Pakistan in the UK, noted that the bilateral trade between the UK and Pakistan, which is currently around 3 billion pounds, is not at all comparable to their actual potential. He emphasised that both countries' business communities should cooperate to increase the bilateral trade to at least 10 billion pounds because they have the potential for it.

Barns stressed that the Pakistani business community should connect with foreign counterparts to take advantage of the untapped potential of its blue economy and said that Pakistan's blue economy has a great deal of potential to produce business worth billions of dollars. In order to further enhance commercial and investment links, he stated that the PBBC is trying to encourage networking and interaction between the private sectors of Britain and Pakistan.

To strengthen bilateral trade connections, PBBC Chief Executive Officer Rashid Iqbal emphasised the need for additional interactions and activities between ICCI and PBBC. He suggested that the business communities of the two countries engage in trade fairs and exhibitions held in the other country to showcase their goods and promote trade between the two countries.

ICCI President Ahsan Zafar Bakhtawari gave a speech at the event and emphasised the need to diversify trade between Pakistan and Britain in order to improve outcomes. He exhorted British businessmen to consider joint ventures and investments in various economic areas in Pakistan, including the China-Pakistan Economic Corridor, and he assured them that ICCI will assist in putting them in touch with the appropriate Pakistani partners.

He believed that a close collaboration between ICCI and PBBC would enhance trade and economic ties between Pakistan and the UK. The president of the Islamabad Women Chamber of Commerce & Industry, Rizwana Asif, emphasised the need of fostering strong collaboration between Pakistani and British women business owners for the improvement of their economic empowerment.

Credit: Independent News Pakistan-WealthPk