Pakistan needs easier, faster trade, investment process:British Dy.HC

Pakistan needs easier, faster trade, investment process:British Dy.HC

KARACHI:British Deputy High Commissioner Steve Crossman has emphasized on taking more steps to increase trade between Pakistan and his country, which at present is very low against the potential. Last year, it was US dollar 2.6 billion.

There is need to build our trade capacity.Pakistan government should make trade and investment process easier and faster,he said during his chat with APP and in short speech at a farewell dinner  for him hosted by Mundia Group of Industries on Friday.

The reception was attended by prominent business, political and social figures who were welcomed by Chairman of Mundia Group M.Illyas Mundia and his son M.Basit Mundia.

The British Deputy High Commissioner said the trade between the two countries was good but it could be much better. There were many constraints, like Pakistan's negative image, difficult licensing process for foreign companies and complex taxation procedures.

The law and order situation in Pakistan also needs further improvement. "People like big business. They want to invest here in SMEs.

It takes months to start a business due to slow and complex process of completing formalities. Thus their cash flow stucks up, " he mentioned adding that unnecessary delays also created space for corruption.

He said over 100 British companies were operating and doing well in Pakistan. More companies might come in, if the investment and tradeenvironment was made further attractive.

He said United Kingdom wanted prosperous and stable Pakistan. Around 1.2 million Pakistanis were living there and contributing a lot to his country's social and economic sectors. The people of Pakistani origin had even become members of UK parliament.

"Karachi is number one in hospitality. I had fantastic time. I have a large group of friends here. Many of them contributed a lot in strengthening the relationship of the two countries," he said.

Chairman of Mundia Group of Industries, M.Illyas and M.Junaid Mundia presented Sindhi traditional shawl " Ajarak" and Sindhi cap to the Deputy British High Commissioner.APP/AFP