KARACHI, Feb 7: The visiting Lord Mayor of the City of London, Alderman John Stuttard, on Wednesday supported Musharraf regime’s economic reforms, including privatisation policy and opening the economy for international players amid rapid globalisation.
He said this while speaking in a seminar on “Capital Markets: An International Perspective” and media briefing on Project Advocate by the British Pakistan Law Council at a local hotel.The lord mayor is heading a business delegation with a view to continue support for bilateral commercial and political relations with Pakistan and to promote the UK financial services industry and the international expertise of the City of London as Europe’s international financial centre; promote bilateral trade and investment, education and training. The visit was also aimed at supporting the continuing liberalism of the economy; build on existing and well established relationship.
The visit is in particular aimed at promoting the expertise and services of the LSE in an increasingly priority market and to advocate loosening of restrictions within the insurance and re-insurance industry.
Recalling long and historical bonds between Pakistan and the United Kingdom, the lord mayor maintained that during the last seven years reforms had put Pakistan’s economy on the right track and Karachi Stock Exchange was among the best bourse in the region.
“During the past seven years there has been sufficient economic reforms with the opening of the market,” he said and assured of London’s support in “improving corporate governance and transparency.”
The mayor was appreciative of Pakistan’s keenness to develop high level business skills and qualifications and Pakistan’s access and use of global capital in London.
He said that “both UK and Pakistan really believe in and practice free trade and open access for business. Both aim for high standards and Pakistan is the most open economy in South Asia, and the World Bank calls it top reformer regionally.”
He pointed out that both the countries were now seizing the benefits of globalisation and assured of UK’s continued support in this regard. Referring to “rapidly reforming Pakistan” the lord mayor said this country was doing well and the UK was proud to be Pakistan’s partner in this exciting new world of opportunity.
“We encourage you to continue the reform agenda,” he said, adding that the United Kingdom also desired to develop financial skills. He was of the view that the old concept that banks and insurance were national entities, was fading away in the age of globalisation.
He also referred to Islamic banking products being considered by the foreign banks. He was supportive of open access to market and ownership rights, so that everyone could buy anything and everywhere.
The lord mayor said his visit provided an opportunity to build on existing relationship and to talk in London about investment in Pakistan. He also emphasized on Public Private Partnership.
Although the lord mayor recalled there were 800,000 British Pakistanis in the UK, he did not even touch on why the community was living in a state of shock and fear following 9/11 and 7/7.