‘Pakistan can become world’s 20th biggest economy’

KARACHI: Pakistan has an immense potential to become the world’s 20th largest economy by 2030, a UK lawmaker said on Saturday, terming the country as a land of opportunities. 

“Pakistan has a huge potential as there is a plenty of business opportunities in the country, particularly in Karachi, which is why UK parliamentarians are keen to strengthen and deepen relations with Pakistan,” British Parliamentarian Rehman Chishti said during a visit to the Karachi Expo Centre on the second day of ‘My Karachi Exhibition’. 

The Karachi Chamber of Commerce and Industry organised the event.

Chishti was heading a seven-member delegation of UK lawmakers.

He said reality about Pakistan is totally different from perception. “Karachi is a safe place for travel.” 

On China-Pakistan Economic Corridor (CPEC), the UK lawmaker said they are reviewing all the aspects of the corridor and it seems that it has a potential for British investment. “CPEC offers great investment opportunities for United Kingdom across all the sectors,” said Chishti, who is also the chairman of British Parliamentary Committee on Pakistan.

He said the lawmakers would ensure that investment reaching Pakistan from UK would equally be distributed among the provinces, referring to the meetings of British parliamentarians with chief ministers of Sindh and Punjab.

The British parliamentarian said both the countries enjoy strong trade ties. “UK is looking forward to investment opportunities in services, goods, banking and security and tourism sectors.”

More than 100 British businesses are presently doing business in Pakistan, including well-known brands, namely Standard Chartered, GlaxoSmithkline, Shell, Toni and Guy, Debenhams and Unilever.

Tesco PLC, the British transnational grocery and general merchandise retailer, has recently entered Pakistan. 

Chishti said British prime minister would visit Pakistan within the next few months and UK trade minister will also be visiting the country within the next couple of weeks. 

“British foreign minister and home minister have already visited Pakistan and our Prime Minister will also be arriving here as it is our desire to further deepen the existing relations between both the countries,” he said. 

Around 1.1 million British Pakistanis are living in UK. “It is our willingness to engage these British Pakistanis in promoting trade and investment between the two countries,” said the foreign dignitary.