KARACHI, March 6: Ambassador for British business Iain Dale has prepared a list of sectors with focus on priority areas for possible joint ventures between the UK and Pakistan entrepreneurs.

Addressing a news conference at the residence of the British Deputy High Commissioner David Pearey, he said that investors from his country, as he saw it, would prefer to make investments in oil and gas ventures, power, financial services and IT.

He felt that privatization was currently in the speculative stage but British investors could participate in the process in the medium term.

Iain Dale, who is a businessman, says that the priority for specific proposals would be worked out by joint venture partners.

On his return to the UK the ambassador would submit his assessment on investment potentials to the UK department of trade and industry for circulation to the business, write articles in the newspapers on business prospects and present Pakistan’s business profile before a seminar to be held in Britain.

He told newsmen that he would submit “a very positive recommendation” to British investors with better growth prospects and “too many negatives” now disappearing. Pakistan is now on the path taken by other nations by introducing reforms to attract investment and push up growth. He said Pakistan has to take precaution against dangers ahead like inflation risk in a growing economy.

Seeing the enabling environment improving in Pakistan, Iain Dale intends to come back to Pakistan in the next 3-4 months. He is in the financial services business and feels that British investors could cooperate in setting up ventures like funds for managing stocks.

David Pearey added that there was also potential for investment in agriculture, frozen food and packaging and could assume a variety of forms. Some sectors are very good and others have to be made more profitable. The taste of the pudding lies in the eating. Domestic investment is taking place in textiles and foreign investment is coming in oil an gas.

He said that the government has to provide opportunity for business, encourage investment and further improve the enabling environment. Business confidence is growing and when investments starts taking off, the British investors would play a role.

David Pearey says British companies would be eager to invest as profit opportunities emerge in the country.

Asked about risks Iain Dale said that every investment opportunity carries risks which good managers eliminate or minimize.