The business sector in the UK has recently announced £100 million (Rs16.3 billion) investments in Pakistan including oil & gas and other sectors.
Last year in July, the British Deputy High Commissioner Belinda Lewis said that there are more companies in the UK wish to invest in Pakistan. According to the British High Commission in Pakistan, Shell has plans to develop around 100 new fuel stations along the China-Pakistan Economic Corridor (CPEC) belt at various locations which accounts for £13 million of investment scheduled to be completed by 2020.
Global giant Unilever is also planning to invest £86 million in Pakistan by adding four new manufacturing facilities, representing the country’s high potential for the long-term and sustainable growth and highlighting the increasing demand for consumer goods across Pakistan.
Trade Minister the United Kingdom, Greg Hands and Minister for Commerce Pakistan, Pervaiz Malik appreciated the investment by Shell and Unilever at the meeting in London on Thursday.
The decision follows the Minister Hand’s visit to Pakistan last year September aiming at strengthening the bilateral relations between both countries, UK promised to increase cooperation with Pakistan and intended for future investments.
Earlier during the Commonwealth heads of government meeting in London, UK secretary of state for foreign and commonwealth affairs, Boris Johnson said UK values partnership with Pakistan, and looks forward to more initiatives which could be beneficial for both countries and their economies.
According to the Minister for Trade Greg Hands, “The prime minister the United Kingdom has advised boosting commonwealth trade relations and links in order to drive prosperity among its members”. Pakistan is a key example in this, Pakistan’s growing trade with empowering economic growth, Shell and Unilever are setting example what the UK companies can achieve in Pakistan, a growing market of 200 million people, and the UK government is ready to support businesses in the UK.
Pakistan’s Trade relations with the UK
Pakistan is the largest Ally of the UK as far as trade is concerned in the entire European Union. Bilateral trade between Pakistan and the UK was increase by 8 percent between 2015 and 2016.
Hand also stressed the UK’s ambition to continue its privileged trade policies with Pakistan, which also supports their economic development after the Brexit. The minister wants to continue the terms of GSP Plus scheme which gives low tariff access to the EU exchanging human rights, environmental protection, labor rights and fighting corruption.
Moreover, Canadian High Commissioner, Perry Calderwood has officially inaugurated the Canada Pakistan Affiliated Chamber of Trade (CPACT) last week aiming at boosting trade activities between the countries.