KARACHI, Jan 29: A Pakistan-British Business Group comprising eight businessmen members has been formed, which held its first meeting here on Tuesday.

With Munawwar Hamid of ICI as chairman and Vince Harris of Hubco as vice-chairman, the group explored possibilities of building up what is being said “new and durable business to business links” between Pakistan and Britain.

The formation of this group was announced at a joint press conference of President General Pervez Musharraf and British Prime Minister Tony Blair on January 7 in Islamabad.

The group is expected to hold its second meeting on February 26 and will give a report by next April on trade and business expansion of the two countries to Abdul Razak Dawood, Pakistan’s Commerce Minister and Baroness Symons British Minister of State for Trade and Investment.

Initial membership of the group, according to a handout released at a press conference on Tuesday afternoon at the British Deputy High Commission premises, showed names of Wasim Haqqie, Chairman of Pakistan’s Board of Investment and David Pearey, British Deputy High Commission. The private sector members are Bashir Alimohammad, Jawaid Anwar, Moin Fudda and Munawwar Hamid, Vince Harris, Abdul Majeed, Razzak Tabba and Mohammad Faruque.

At a joint press conference, Wasim Haqqie, British Deputy High Commissioner in Pakistan David Pearey, Munawar Hamid and Vince Harris and the chairman and vice-chairman of the group, the newsmen were informed that the next meeting of the group is being held on February 26.

Oil and gas and information technology, according to Wasim Haqqie, are the key potential areas to attract British investment.

The BOI chairman informed newsmen that at present the total volume of trade between the two countries amounted to about $950 million. Pakistan exports about $600 million bulk of which is textile products. Britain imports $350 million of goods mainly chemicals, pharmaceuticals, steel products and other items.

In last 12 years, he said, $1.2 billion investment flowed into Pakistan from Britain, which means an average inflow of $100 million a month.

David Pearey in his remarks said the last ten years there were some developments in the business relationship “but the growth in number of business ties over the last decade has not frankly been as fat as we would have wished”.

“The build-up in commercial ties will be much faster over the next ten years,” the British Deputy High Commissioner hoped. But then, he pointed out, “creating a new commercial relationship between Britain and Pakistan will not be achieved overnight”.

He explained that short-term achievement is of course important but more important is to ensure that in five or ten years from now, the whole substance of that relationship has changed dramatically.

Munawwar Hamid, chairman of the group, said that it could not be more opportune time than now to launch such a group as Pakistan was the focus of international attention.

He said that it was most appropriate time to reinvigorate “business links with Britain with which we have historical relationships.”

Vice-chairman of the group, Vince Harris expressed the hope that practical steps would be taken to develop business and commercial relationship between the two countries.