PR No. 89 Pakistan is open for business, say big business entities MoU between main business bodies is a welcome development: Syed Ibne Abbas Islamabad
The Pakistan Britain Business Council (PBBC) and its sister company Pakistan Scotland Business Council (PSBC) in collaboration with the London Chamber of Commerce and Industry (LCCI) signed a Memorandum of Understanding (MoU) to strengthen the links between the three organisations at a Networking Reception hosted and supported by the Pakistan High Commission London on 11 July 2017. All the big business entities present on the occasion said Pakistan is open for business and offers tremendous trade and investment opportunities, says a press release received from London here today.
It was the first time ever when a mainstream British chamber i.e. London Chamber of Commerce and Industry was connected with a joint business platform i.e. PBBC. The event was well represented by all main stakeholders including FPCCI, PBBC, LCCI, FCO, DIT, and Mayor of London office, besides several mainstream British business houses.
The purpose of the collaboration is to promote and strengthen the development of economic and trade relations and co-operation between the member companies of each organisation in the United Kingdom and Pakistan with a particular emphasis to promote and facilitate small and medium-sized enterprises in both countries.
On a macro-economic level the collaboration will focus on bilateral trade and investment opportunities in both United Kingdom and Pakistan working with stakeholders and the Pakistan and UK Governments.
In his remarks on the occasion, H.E. Syed Ibne Abbas, Pakistan High Commissioner to the UK welcomed the signing of the MoU between the main business bodies. He said: “During the last few years, Pakistan’s economy has experienced a remarkable turnaround as recognised by independent financial institutions. The China Pakistan Economic Corridor (CPEC), with its $56 billion investment portfolio is going to create enormous opportunities for the global corporate enterprises. We have a liberal trade and investment regime. In this backdrop, collaborative effort between big business entities through this MoU is, indeed, a welcome development.”
Chairman of the PBBC, Julian Hamilton Barns said, “Pakistan’s economy is gaining pace and with our strong historical and cultural connections with Pakistan, we see huge potential to develop economic links especially following BREXIT.”
He further added the PBBC is actively promoting bilateral trade and encouraging UK investors to seize the enormous business opportunities that are available in Pakistan. Moreover he also described Pakistan as a safe country for trade and investment declaring that “Pakistan is open for business”.
Peter Bishop, Deputy Chief Executive, London Chamber of Commerce and Industry termed the MoU an important trade development platform in the future. He stated that Pakistan is open for business and opportunities are enormous. Mr Bishop expressed the LCCI’s intent to enhance trade ties with Pakistani businesses in collaboration with the PBBC. He expressed that they would also like to send joint trade missions to Pakistan to explore further opportunities. Mr Bishop appreciated the role of the Pakistani diaspora in promoting business linkages with the UK. He also commended the pro-active role of the Pakistan High Commission in making the MoU possible.
The High Commission facilitates such events to promote commercial relations between the two countries and will help in boosting the level of British investment in Pakistan.