October 24, 2003	Friday	Sha’aban 27, 1424

FAISALABAD, Oct 23: British High Commissioner, Mark Lyall Grant has said Pakistan, being a launching pad for trade with South and Central Asian countries has great business potential, and a large number of British multinational companies are poised to invest and start business here.

He was addressing to the members of All Pakistan Cloth Exporters Association, here on Wednesday night.

He underlined the need of joint ventures in the fields of textile and engineering and said that he would not only encourage British investors to initiate dialogue but also ask Director, Trade Promotion Karachi to speak to cloth exporters to further streamline the affairs.

However, he made it clear that final decision would have to be taken by the individuals after evaluating viability and profitability of proposed projects.

He was concerned about corruption, bureaucratic hurdles and problems of law and order, and said that the UK was also aware of these hurdles and was helping Pakistan in handling these issues.

He said that Indo-Pakistan conflict was yet another major hurdle to direct foreign investment in this region. The businessmen of the two countries must take initiative to normalize trade relations.

He said that Kashmir dispute was the bone of the contention between India and Pakistan and the UK was ready to play its role in resolving this issue. However, the final decision rest with the respective governments, he clarified.

About issuance of visas, he said that visa applications were being processed within 10 days. However, by the end of this month, visas would be issued within five days.

About British aid for Pakistan, he said that it has been increased four times from $25 million to $100 million this year. In addition to it, UK was also contributing its due share to European Union, World Bank and International Monitory Fund.

Earlier, APCEA Chief, Ahmad Kamal, underlined the role of its members for the growth of national economy.