LAHORE, June 17: A trade delegation from the UK is likely to visit Pakistan in the near future to have first-hand knowledge about the available business opportunities.

This was stated by Robert Gibson, director UK Trade and Investment while talking to Lahore Chamber of Commerce and Industry (LCCI) president Mohammad Ali Mian on Tuesday.

He stressed the need for improvement in regulatory environment and said both Pakistan and the UK were seriously working to further strengthen the business relations between them.

He said Pakistan had a huge potential for foreign investment with rich human resource. It is a gateway to the Central Asian States and hence putting up a manufacturing unit or initiating a joint venture means business in Pakistan and with the CAS.

Mr. Gibson noted that the volume of two-way trade was not encouraging and there was a need for well-directed, sector-specific measures to achieve the desired results.

Speaking on the occasion, LCCI President Mohammad Ali Mian said that Pakistan was keen to have British investment that could provide transfer of technology and help it become a knowledge-based economy.

He said the exchange of business delegations and holding of single country exhibitions could boost the bilateral trade. These marketing tools need to be studied by the chambers and the diplomatic missions of the two countries.

Mian said Pakistan had tremendous investment opportunities in the field of information technology, telecommunications, infrastructure, education and food preservation industry. The LCCI chief said Pakistan’s liberal investment policies allowed foreign equity up to 100 per cent. There is no restriction on remittance of capital, profits, dividends and royalties.

The UK, being one of the top three countries, invested $279.1 million during 2007-08. About 70 British multinationals have invested in various sectors such as food, tobacco, cigarettes, textiles, chemicals, petroleum refining, oil, gas, pharmaceuticals, cosmetics, cement, power, communications and financial services.

The volume of trade between Pakistan and UK increased to $1,649.2 million in 2006-07 from $1,425.6 million in 2004-05. During this period Pakistan’s exports to UK had gone up from $893.5 million to $950.5 million and UK’s exports to Pakistan from $532.1 million to $699 million.—APP