KARACHI, April 26: The first report by the British-Pakistan Business Advisory Group (BPAG) on micro-economic, political and social environment to facilitate trade and investment was presented by the UK High Commissioner Hilary Synnott to the Federal Minister for Commerce and Industries Abdul Razak Dawood at PIDC house on Friday morning.
The group was set up by President Musharraf and British Prime Minister Tony Blair to recommend steps aimed at attracting investment from Britain and expanding trade, Abdul Razak Dawood told newsmen after the presentation ceremony.
A copy of the report would be submitted to the British government, and the authorities in the two countries would consider steps to be taken in the light of the report.
Addressing a joint news conference with the industries minister, Hilary Synnott said the recommendations would lead to growth of commercial relations between Pakistan and the UK and may have wider positive impact as well.
He said that the relationship remained positive for a long time but the trade between the two countries and peoples have now “a strong political relationship.” The report had come at the right time, he added.
Stating that Pakistan’s exports to the UK has gone up by 15 per cent and similarly UK exports are up, he said it would be worthwhile for our two countries to develop commercial relations further. It may encourage other countries to trade and invest in Pakistan, he added.
The British diplomat observed that the UK is the way to European market and could serve as a conduit to EU market for Pakistan. If you improve commercial relations with the UK, it would also improve Pakistan’s commercial relations with Pakistan.
Earlier, in his introductory remarks, Commerce Minister Abdul Razak Dawood said the biggest investment in Pakistan was of British and the UK was a major trading partner.
He said the report would be considered by the two governments and appropriate steps taken to attract investment from the UK and expand trade.
Though the BPAG has two officials, the Chairman of the Board of Investment Waseem Haqqie and British deputy high commissioner David Pearey as members, the report, BOI chief clarified at the outset, was prepared by the leading businessmen represented in the group in the light of their experiences. It would help policy makers remove irritants.
BPAG Chairman Munnawar Hamid said it was an initial and not final report on which the committee had worked very hard for last 3-4 months. The UK and Pakistan governments are expected to take a joint action on the report and the group will have more work, adding that the decisions on investment and trade are made by the business.
Munnawar Hamid said the report deals with macroeconomic, political and social issues to create an environment to facilitate trade and investment and help take positive decisions. It does not deal with industry specific and micro- issues.
He said the decision by President Musharraf and PM Tony Blair to set up BPAG was important as it indicated that both countries were determined to boost investment and trade. This was significant because it was a political intent.
