LAHORE, Sept 1: A British sector-specific delegation is likely to visit Pakistan in November to initiate joint ventures with their Pakistani counterparts as the present economic scenario is quite conducive for potential foreign investors.

This was stated by India-Pakistan Trade Unit (IPTU) director Jonathan Webber, who is heading a seven-member delegation of the Birmingham Chamber of Commerce and Industry, at the LCCI on Friday.

He said the UK was taking all steps as it wanted to multiply its investment in Pakistan.

UK Deputy High Commissioner in Pakistan and UK Trade and Investment director Hamesh Daniel also spoke on the occasion.

Mr Webber said the British SMEs were working in close coordination with the SMEs in Pakistan and there were bright chances that positive developments would take place in the near future in this regard.

He said a number of projects were in the pipeline as the consistency in policies had impressed the potential British investors who had shown their desire to shift their operations to Pakistan which was not only a corridor to Central Asian States but also fast getting the status of regional economic leader.

LCCI senior vice-president Abdul Basit said although the trade between Pakistan and UK was gradually growing from $1.1 billion in 2002-03 to $1.4 billion in 2004-05, showing an increase of 27 per cent, it still left much to be desired.

He said a lot of progress could be made on the trade front by identifying new tradable items and this was possible only through active engagement of the chambers of commerce and industry of the two countries, frequent exchange of economic and trade delegations to identify the areas of mutual interest and arranging of single country exhibitions and also by holding socio-cultural programs in each other’s country.

Participation of Pakistani exporters in the international trade fairs in the UK and vice versa could also expand trade between the two countries. Pakistan offered good scope for investors in information technology, telecommunication, infrastructure, textiles (value addition), oil and gas, water and power, food and food processing, SMEs, engineering, tourism and services, he added.

LCCI vice-president Aftab Ahmad Vohra said it was necessary that both the countries had access to each other’s markets. He urged the delegation to help Pakistan get greater EU market access as Pakistan had acted as a frontline state against terrorism.