LAHORE PAKISTAN: Lord Nazir Ahmed has said that the economic challenges faced by Pakistan require out-of-box solutions and a proactive private sector role, therefore, the business community should come forward and join hands with their global counterparts.
Ahmed was talking to a 37-member Lahore Chamber of Commerce and Industry (LCCI) delegation, headed by LCCI President Irfan Qaiser Sheikh. The other prominent members of the delegation included former LCCI senior vice presidents Engineer Sohail Lashari and Tahir Javaid Malik, executive committee members Khawaja Shahzeb Akram, Khawaja Khawar Rashid, Fahimur Rehman Saigol, Chaudhry Wajid Ali.
Ahmed said that it was the private sector that has all the abilities to do miracle in these difficult times when most of the economies in the world are facing various types of challenges. He said that only those countries are performing well where the private sector is playing its role properly and has little reliance on public sector.
He said that there are many sectors of the UK economy where Pakistani businessmen could get a fair share but to achieve the objectives they would have to adopt modern business techniques and methodologies.
He said that the Pakistani expatriates are ready to facilitate their Pakistani brothers who intend to do business in the United Kingdom. Ahmed while throwing light on bilateral trade relations stressed the need for utilising modern techniques to increase the existing business volume between Pakistan and the UK.
He said that the Pakistani businessmen should take advantage of the potential and the expertise of a large number of Asians especially Pakistanis living in the United Kingdom.
He said that Pakistanis are second to none in the world as far as the talent is concerned but their abilities and energies need to be channelised to achieve the progress and prosperity.
Speaking on the occasion, LCCI president said that the LCCI is a great supporter of trade diplomacy and believes that it can be of great help in paving the way for further strengthening the bilateral economic relations.
He urged Ahmed to motivate UK investors to take Pakistan as a lucrative destination for investment.
The LCCI president said that in Pakistan, there are a lot of investment opportunities for UK businessmen in various sectors like telecommunications, information technology, financial services, petrochemicals, livestock, dairy, consumer goods, food processing, pharmaceuticals, minerals, and particularly in energy sectors.
“Despite facing some tough circumstances, there are some positive indicators prevailing in Pakistan as our economy is growing at around 3.5 percent to 4.0 percent, our exports increased to the record level of $25 billion, law and order situation has significantly improved and inflation has been checked. All these positives must be considered by the UK-based investors to evaluate Pakistan as the next destination for investments.”
The LCCI president said that the business community always appreciates the UK government for supporting its market access to the European Union. Sheikh said that the presence of different multinational companies from UK, which are growing and doing well in Pakistan is evident from the fact that there are ample opportunities and potential for UK investors for business in Pakistan.
The LCCI delegation has in its fold businessmen belonging to almost all sectors of the economy including petrochemicals, steal, industrial chemicals, cosmetic raw material, pharmaceuticals, textiles and its machinery, auto, plastic, artificial leather, plastic chemicals, construction, used machinery, tourism, engineering, oil and lubricants, Halal meat, yarn, rice, handicrafts, heating and cooling equipment, household products, garments and real estate.
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