LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) and British Business Centre on Monday signed a memorandum of understanding (MoU) aimed at expansion of trade and economic ties.

LCCI Senior Vice President Almas Hyder and Chief Executive Officer BBC Malahat Awan signed the MoU on behalf of their respective organisations.

LCCI Vice President Nasir Saeed, British High Commis­sioner Thomas Drew, Pro­vincial Finance Minister Ayesha Ghaus Pasha and Head of Department for International De­­velopment Ben French spoke on the occasion.

The MoU aims to encourage, promote and facilitate an effective cooperation in the areas of trade, investment, technology and related economic and industrial acti­­vities by establishing effec­­­tive communication between member companies of the two organisations with particular reference to the private sector.

Ms Awan said BBC would give Pakistani and British companies a cost-effective and in-country physical re­­source to facilitate quick access to information and expertise necessary to achieve business success.

The British high commissioner said businesses in Britain and Pakistan should be working together and thriving. He added the BBC could help facilitate opening up opportunities to a wider business audience in the UK.

The provincial finance minister welcomed the MoU and said facilitation to the businessmen would certainly give more strength to trade ties between the two countries.

LCCI senior vice president said positive trends caused bilateral trade between Pakistan and Britain to increase from $1.98 billion to $2.26bn.

He said Pakistan at present was facing a number of challenges in attracting new foreign investment. He urged UK based investors to Pakistan for investments.

Published in Dawn, April 26th, 2016