London, 27 September 2023 (TDI): Pakistan’s Prime Minister, Anwar-ul-Haq Kakar, who is on a trip to London, met prominent British-Pakistani investors in London and invited them to invest in the Special Economic Zones, on September 25.
Prime Minister informed the delegation about Pakistan’s current economic landscape, highlighting government measures for external account improvement.
He said that recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability.
Prime Minister also added that positive indicators, including inflows from the World Bank, Asian Development Bank, and friendly nations, contributed to reduced inflation, stabilized reserves, and revival of industrial growth.
Moreover, he added that measures to rebuild business community trust and the lifting of import restrictions were anticipated to enhance foreign accounts even more.
He also spoke about the potential for Foreign Direct Investment in Pakistan and the positive impact of the Stand-By Arrangement (SBA) with the IMF, exceeding expectations and stabilizing the economy and currency.
The Special Investment Facilitation Council (SIFC), which was introduced by the Prime Minister, was recognized as one of Pakistan’s pro-investment initiatives.
This initiative aims to streamline investment processes, attract investments in key sectors, foster long-term growth by simplifying the business landscape, and remove bureaucratic hurdles.
The British investors enquired about the continuity of the IMF program in Pakistan and reform efforts from short to medium term.
The Prime Minister assured them that Pakistan had expressed its commitment to the IMF program by undertaking reforms committed to the IMF.
Also Read: Pakistan’s SIFC Briefing Focuses on Foreign Investment Promotion
Moreover, he advised Pakistanis living abroad to take advantage of the investment prospects in Pakistan.
Prime Minister met Executive Chairman of Boohoo Group
The Prime Minister met Executive Chairman of Boohoo Group Abdullah Kamani.
He emphasized the advantages of investment in Pakistan and extended an invitation to Boohoo Group to send a buying delegation to Pakistan for enhanced collaboration.
Boohoo Group is a prominent British online fashion retailer with annual sales exceeding one billion pounds.
They offer a wide range of popular brands including boohoo MAN, Pretty Little Thing (PLT), Miss Pap, Karen Millen, Coast, Oasis, and Debenhams.
In the meeting, Kamani expressed keen interest in establishing long-term buying linkages with Pakistan.
He also expressed the ambition to create a comprehensive supply chain in the country, encompassing organic cotton to apparel production.
They also hoped for improved Pakistan-UK air connectivity to facilitate increased imports from Pakistan.
Prime Minister Kakar conveyed Pakistan’s commitment to facilitating investment and offered support in establishing manufacturing facilities within the country, particularly within Special Economic Zones (SEZs).
The meeting was a significant step in improving Pakistan and the company’s economic relations and commerce.
The Prime Minister informed the delegation that recent government initiatives had improved the external balance.
Also Read: Delegation of APPNA calls on Prime Minister of Pakistan
Anwar-ul-Haq met leaders from renowned investment firms in London, including Fidelity International Limited, Wellington Management, Ashmore, and others.
The leaders of the British-Pakistani business community expressed gratitude to the Prime Minister for his outreach to the diaspora.
They also conveyed a strong desire to expand their operations in Pakistan, actively seeking to bolster their investments in the country.
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