ISLAMABAD, Aug 7: The British High Commission in Islamabad has extended 170,000 visas to Pakistani nationals including 8,000 students and by the end of current year it would be increased to 200,000.

This was stated by British High Commissioner to Pakistan Mark Lyall Grant while responding to a question here on Monday following a speech to businessmen at Islamabad Chamber of Commerce and Industry (ICCI).

The high commissioner said 90 per cent visas were dealt within five days. He went on to say that from South Asia maximum students were from Pakistan studying in the UK universities.

Mr Grant said Pakistan was facing many challenges which included inflation, employment, trade deficit and energy shortage and the protection of intellectual property rights (IPRs), which he said was very weak.

However, he said regional environment in South Asia was more stable than before. He said the UK was also helping Pakistan in its economic development especially in promoting health and education sectors. He said the UK was the largest new investment partner of Pakistan with a new investment of $250 million.

The high commissioner said bilateral trade between Pakistan and the UK was likely to reach $2 billion in the current year.

Mr Grant said during the next six months, six trade missions including London Stock Exchange and members of the Chamber from the UK will visit Pakistan to discuss and explore avenues for further investment and bilateral trade relations.

He said Britain’s export increased by more than 40 per cent to Pakistan during the first three months of the current year while Pakistan’s export increased by 30 per cent during the same period.

He said London helped Pakistan in lobbying in the EU for various issues including reduction on anti-dumping duty on bed linen.

Answering a question he said two to three private airlines had shown interest to operate in Pakistan. He said the high commissioner got necessary information from civil aviation authority in this regard and the British government would extend every possible support to these airlines.

He said British airlines would decide their flights purely on commercial benefits. He said British had a strong base in transportation.

Speaking on the occasion, ICCI President Abdul Rauf said in financial year 2004-05, total bilateral trade between the UK and Pakistan reached $1.4 billion.

“Pakistan’s exports were around $893 million whereas imports from UK remained $532 million in the same year,” he said.

Mr Rauf lauded the contributions and role of the UK in helping Pakistan after the devastating earthquake of October 8 last year in Pakistan.