LAHORE – A large number of UK businessmen are keen to invest in Pakistan through joint ventures. However, in the past, Pakistan’s inability to establish its brands in the world market could not allow for investment. “Pakistani businessmen and the government should concentrate on establishing a branding culture in Pakistan by focusing more on quality instead of quantity. The branding culture is key to economic turnaround.”
These views were expressed by UK business tycoon James Kaan, while speaking at the Lahore Chamber of Commerce and Industry. LCCI Senior Vice President Sheikh Mohammad Arshad, former Presidents Bashir A Buksh, Mian Shafqat Ali, Shahid Hassan Sheikh, Zafar Iqbal Chaudhry and former Senior Vice President Tahir Javaid Malik also spoke on the occasion. James Kaan said that foreign investment could boost in real terms if dissemination of all business related information is ensured to potential foreign investors.
While stressing on the need for greater interaction between the two sides, he urged the LCCI office-bearers to arrange a delegation to UK for increasing volume of two-way trade. He said that the UK, being the fastest growing economy in the European Union, has a huge potential for Pakistani businessmen to have joint ventures with their counterparts. He said that globalisation is bringing the people closer and there is a need to learn from previous experiences.
LCCI Senior Vice President Sheikh Mohammad Arshad said that the United Kingdom, being an active member of European Union, undoubtedly offers tremendous opportunities to Pakistani businessmen. However, both the sides need well-directed, sector-specific moves to achieve the desired results. He said that Pakistan was particularly interested in transfer of technology but the business community in the United Kingdom would have to play its role.
He maintained that exchange of business delegations and holding of single country exhibitions could boost up the bilateral trade. These marketing tools need to be studied by the Chambers and the diplomatic missions of the two countries. He said that these are the areas where UK-Pakistan entrepreneurs could sit together and chalk out a comprehensive business strategy for their mutual benefits. Keeping in view the current low level of trade between UK and Pakistan there is a need for more focused efforts for expanding economic cooperation.
He invited UK businessmen to make investment the fields of Information Technology, Telecommunications, infrastructure development, education, and food preservation technologies.
