Friday, May 16, 2008, Jamadi-ul-Awwal 9, 1429    

Britain ready to multiply investment in Pakistan: Peter

Lahore—Peter Courtney, Senior Country Manager South Asia for UK Trade and Investment, has said that Britain, being the largest investor in Pakistan, is ready to multiply its investment in Pakistan and is taking all necessary steps in this regard but the potential Pakistani businessmen would have to come forward.
He expressed these views while speaking at LCCI on here Thursday. LCCI President Mohammad Ali Mian and Chairman LCCI Standing Committee on Labour and Productivity Tahir Javed Malik also spoke on the occasion.
Mr Peter Courtney said that a number of projects were in the pipeline as the consistent economic policies of the present government had impressed the potential British investors who had shown their desire to shift their operations to Pakistan which is not only a corridor to Central Asian States but also fast getting the status of regional economic leader.
He said that the British government would continue to facilitate Pakistani businessmen for the promotion of trade between the two countries.
He said that the relations between Pakistan and the United Kingdom are developing very positively as a lot of high-ranking visits are expected this year.
Speaking on the occasion, the LCCI President Mohammad Ali Mian said that although the trade between Pakistan and U.K. has been gradually growing but it still leaves much to be desired at, in view of the historical relationship between the two countries. He said Pakistan is energy deficient and this particular sector has a huge potential for British investors.
He said during the last five years business environment in Pakistan has improved considerably. Its economy has been growing at the rate of 6 percent on average over the last three years, he said and added investment cycle is gaining momentum.
The LCCI President said Pakistan is also one of the fastest growing economies of the world with large consumer market, abundant natural resources, skilled manpower and liberal investment friendly policies which offer immense opportunities for foreign investors. Our liberal investment policies allow foreign equity upto 100 percent. No government sanction is required for setting up of any industry. There is no restriction on remittance of capital, profits, dividends & royalties, he added.—APP