Karachi, February 28, 2024 – Pakistani businessmen are being urged to capitalize on the Developing Countries Trading Scheme (DCTS) recently introduced by the UK.
Dr. Michelle Kristy, the leader of the UK-Pakistan Inward Trade Mission, emphasized the potential benefits of the DCTS during a corporate briefing in Karachi, encouraging businesses to explore the opportunities for increased trade between the two nations.
Dr. Kristy, speaking at a meeting during the UK-Pakistan Inward Trade Mission’s visit to the Karachi Chamber of Commerce and Industry (KCCI) on Wednesday, highlighted that the DCTS could facilitate a more robust flow of trade between the UK and Pakistan. The trade mission includes representatives from various UK-based companies, as well as Presidents and representatives of Chambers of Commerce in the UK, all aiming to strengthen bilateral trade relations. Similar visits are planned for Lahore and Sialkot.
In a significant move, President KCCI Iftikhar Ahmed Sheikh and President Greater Birmingham Chamber of Commerce Nasir Awan signed a Memorandum of Understanding (MoU) during the meeting. The MoU aims to support each other and undertake initiatives to enhance trade and investment cooperation between Pakistan and the UK.
Chairman Businessmen Group Zubair Motiwala expressed optimism about improving trade relations between Pakistan and the UK. While historically the UK has not been among Pakistan’s top trading partners, he hopes that the current UK-Pakistan Inward Trade Mission will pave the way for increased understanding and cooperation.
Motiwala highlighted Pakistan’s diverse offerings, including its four seasons, natural resources, and significant agricultural potential. He emphasized the availability of 26 million hectares of fertile land provided by the Special Investment Facilitation Council (SIFC), inviting investors to explore opportunities in the agriculture sector.
Motiwala urged collaboration between the UK and Pakistani diaspora in the UK, proposing joint ventures in Pakistan for value addition and technology transfer. He stressed the need to move beyond exporting raw materials and focus on value addition, citing Thailand’s success in producing around 3000 items from rice alone.
President KCCI Iftikhar Ahmed Sheikh welcomed the UK-Pakistan Trade Mission and emphasized the long-standing friendship and cooperation between the two nations. He noted Pakistan’s immense potential, offering diverse opportunities for investors across various industries, including textiles, pharmaceuticals, and software development.
Expressing gratitude to the UK-Pakistan Trade Mission and the International Trade Centre (ITC) for organizing the Inward Trade Mission, President KCCI highlighted the event’s importance in fostering connections and exploring potential partnerships. The aim is to facilitate one-to-one business meetings and networking sessions to deepen insights into the Pakistani market and its specific requirements for exporting to the UK.
