LONDON Feb 7: Many big British firms have started moving to Pakistan to seize investment opportunities after an economic turnaround there during the past five years, said a leading British paper.

"Jaguar and Land Rover are expanding their operations to the country, and the big overseas retailers are starting to move in," said The Times in a comment on the booming economy of Pakistan.

Pakistan, it said is seen by them "as an alternative supplier to China and India. Asda already has a number of supply agreements with local textile manufacturers, Tesco is looking hard, and so are Carrefour of France and Target of America."

International Power, it said already owned 36 per cent of Kot Addu which was planning to release more shares to the public this month.

Big firms such as Shell, ICI and BAT have subsidiaries that are listed on the Karachi Stock Exchange. Premier Oil, a British exploration company, has stayed throughout the past 15 years. Tullow Oil, another exploration group, also has a presence in the region, said the daily.

"British businesses are starting to return to Pakistan and have faith in the country as new leadership and the improving economic landscape,"said the British paper.

It must be recalled here that Pakistan's envoy to London Dr Maleeha Lodhi has been striving hard to persuade British investors to capitalize on the investor-friendly ambience in the country while impressing upon them to distinguish between the realities on the ground and the perception abroad. Her efforts also helped convince about hundred British investors in the EXPO 2005 which concluded in Karachi on Saturday.

The chairman of the Board of Investment Waseem Haqqie was quoted as saying that Unilver and Procter & Gamble were now making returns of more than 100 per cent.

"Many British importers are doing well by sourcing goods from Pakistan. Dita, a hockey-stick maker, exports 20,000 sticks a year to Britain and 50,000 to Holland. British firms are also tapping the booming work on privatisation," said the daily

Chairman of Central Board of Revenue Abdullah Yousaf, it said, was confident that the country was going on attracting foreign companies.

"If we can maintain regional stability and a fiscal regime that is conducive to investment, we will see more foreign companies here," Yousaf was quoted as saying.-APP