UK-Pakistan Inward Trade Mission Visits Karachi Chamber of Commerce and Industry (KCCI)
Published on: February 28, 2024.
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KARACHI: /DNA/ – The Leader of the UK-Pakistan Inward Trade Mission, Dr. Michelle Kristy, has urged the business community in Karachi to take advantage of the Developing Countries Trading Scheme (DCTS) introduced by the UK. She emphasized that this is an excellent opportunity to explore the benefits of exporting to the UK or vice versa, as the DCTS can facilitate increased trade flow between the two countries.
During a meeting held at the Karachi Chamber of Commerce and Industry (KCCI), Dr. Kristy informed attendees that the inward trade mission includes representatives from various UK-based companies as well as presidents and representatives from chambers of commerce in the UK. Their visit aims to strengthen bilateral trade relations between the UK and Pakistan, with subsequent visits planned for Lahore and Sialkot.
At the KCCI meeting, President Iftikhar Ahmed Sheikh and President of the Greater Birmingham Chamber of Commerce, Nasir Awan, signed a Memorandum of Understanding (MoU) to support each other and undertake initiatives for trade and investment cooperation between the two countries.
Key members present at the meeting included Chairman Businessmen Group Zubair Motiwala, Vice Chairman BMG Anjum Nisar, Senior Vice President Altaf A. Ghaffar, Vice President Tanveer Barry, President Greater Birmingham Global Chamber of Commerce Mark Smith, Director Asian Business Chamber of Commerce UK Anjum Khan, President Bradford Chamber of Commerce James Mason, and several former presidents and managing committee members of KCCI.
Dr. Michelle Kristy also mentioned the launch of the export handbook by the International Trade Center (ITC) at a recent event held at the British Deputy High Commission in Karachi. She requested that KCCI upload this handbook on its website, as it contains essential information about the UK market and details of the DCTS, which would greatly benefit Pakistani businesses. She expressed hope that the visit of the UK-Pakistan Inward Trade Mission to KCCI marks a good beginning, with more collaborative efforts between the UK government and Pakistani companies in the future.
Zubair Motiwala, Chairman of the Businessmen Group, highlighted that while Pakistan and UK have had cordial relations since Pakistan’s inception, the UK is not among Pakistan’s top trading partners. With the arrival of the UK-Pakistan Inward Trade Mission, he expressed optimism for improved trade and understanding between the two countries. Pakistan offers a diverse range of opportunities to UK companies, with its natural resources, fertile land, and products such as milk, cotton, wheat, and rice.
Motiwala emphasized the need for value addition in Pakistan’s raw materials and value-added agriculture, textile, and other sectors. He encouraged UK companies to bring in technology and investment for this purpose, noting that Thai rice alone yields around 3,000 value-added products, while Pakistan exports rice worth $3 billion.
President Iftikhar Ahmed Sheikh of KCCI welcomed the UK-Pakistan Trade Mission and highlighted the strong friendship and cooperation between Pakistan and the UK. He emphasized that Pakistan is a country with immense potential, offering various opportunities for investors. Karachi, as the economic hub, is home to numerous industries and provides a business-friendly environment supported by a skilled workforce and a supportive government.
President KCCI expressed appreciation for the Inward Trade Mission organized by the UK-Pakistan Trade Mission and the International Trade Centre (ITC), as it provides valuable opportunities for KCCI members to connect and explore potential partnerships. The aim is to facilitate one-on-one business meetings and networking sessions that deepen insights into the Pakistani market and its specific requirements for exporting to the UK.
