UK foresees better economic outlook for Pakistan

[LahoreEstate]

British deputy high commissioner says UK government is encouraging its companies to invest in Pakistan

Sunday, February 15, 2009
By Jawwad Rizvi

LAHORE: British Deputy High Commissioner and Director UK Trade and Investment in Pakistan Robert W Gibson has said the UK government is foreseeing better economic and investment outlook in Pakistan and encouraging its companies to make investments here.

Pakistan has great investment potential and the British government is not issuing strict travel advisory for Pakistan to its nationals as compared to other western countries.

“British investors can travel to Pakistan comfortably except a few troubled areas,” Gibson said adding, keeping the importance of Pakistan’s economic and investment outlook in mind the UK government is likely to announce an investment package for Pakistan.

In an interview with The News after a reception hosted by Moody International to the elite of the business community of Pakistan on fostering trade and investment and to acknowledge contribution of British companies in Pakistan, Gibson pointed out that British entrepreneurs working in Pakistan were having continued interest to work and safeguard their businesses and were looking forward to opportunities to further increase their operations by expanding existing projects and explore new avenues for investment.

Responding to a question of future credit rating of Pakistan Gibson said, “It is not my duty to tell about the credit rating of the country but existing economic scenario is showing a positive outlook of Pakistan,” he said adding that so British government recommending the Britain companies for making investments in Pakistan.

Gibson said “Pakistan has excellent regulatory regime for investors and I’m identifying these opportunities for British companies.” He further said that the Britain is determined to retain liberal trade markets. He added that a good number of UK companies are keen to invest in Pakistan in different sectors. Responding to a question on market access for Pakistan in the West, the Director of UK Trade and Investment said the Britain would certainly want to have such an arrangement with Islamabad. However, being part of the European Union (EU), Britain is bound to the decisions of Brussels on any such facility, he added in the same breath.

British envoy proudly disclosed that 100 British companies with an investment portfolio of 1.7 billion dollars are operational in Pakistan over the last four years. According to him, Pakistan, with a population of 170 million, is a market with huge potential and the UK is keen to invest further here.

Similarly, the Britain will provide some 480 million pounds for social uplift with a focus on poverty alleviation in Pakistan during the next three years, Gibson said adding that there is no problem for making investments in Pakistan. “There are only some areas of Pakistan where law and order is a problem while in the rest of the country there is no issue,” he said. The British government has been motivating their business people to make investments in Pakistan, said Robert W Gibson.

Talking about the economic recession, he said a global solution is needed to overcome global recession.

http://thenews.com.pk/daily_detail.asp?id=162620