ISLAMABAD: The United Kingdom’s Trade Envoy to Pakistan Mohammad Yasin has begun a three-day trip to Karachi and Islamabad cities to encourage investment and long-term economic cooperation between the two countries, the British High Commission said this week.
Pakistan and the UK enjoy robust economic ties, with the UK being Islamabad’s largest export destination in Europe and third largest export destination globally. The UK has invested heavily in Pakistan’s financial services, oil & gas exploration, petroleum refining, electricity generation, pharmaceutical, publishing, industrial chemicals and cement sectors.
In a statement shared by the British High Commission, Yasin said that though the two nations enjoy close commercial ties, there is “much more we can achieve together.”
“It is a place close to my heart, and I have seen over many years the enormous potential to help both our countries prosper,” Yasin was quoted as saying on Monday. “During my visit, I look forward to supporting efforts that unlock new opportunities and drive growth.”
The commission said Yasin is expected to meet senior Pakistan government stakeholders including Commerce Secretary Jawad Paul, Federal Minister for Overseas Pakistanis Chaudhry Salik Hussain, and business leaders “to strengthen trade and encourage investment.”
“Mr. Yasin’s visit will help pave the way for the UK-Pakistan Trade Dialogue, due to launch later this year,” the commission said. “The Dialogue will offer a platform to grow exports, increase investment flows, address business environment concerns and identify opportunities for greater market access.”
The British High Commission noted that over 200 UK companies are operating in Pakistan, with the top five contributing around one percent of Pakistan’s GDP.
The visit takes place amid Pakistan’s push in recent months to forge stronger trade and investment relations with regional allies and friendly countries. The South Asian country is navigating a tricky path to economic recovery from a prolonged crisis that has drained its foreign exchange reserves and weakened its balance of payments position over the past three years.
Apart from the close ties the two countries enjoy, the UK is also home to a large Pakistani diaspora and a preferred destination for thousands of Pakistani students to pursue higher education opportunities.
