Pakistan, Scotland sign MoU to set up JBC

KARACHI: The private sectors of Pakistan and Scotland on Friday formed a joint business council (JBC) to enhance bilateral trade between the two countries.

In this regard, a memorandum of understanding (MoU) was signed between Pak-UK Business Council of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Pakistan-Scotland Business Council.

Julian Hamilton Barns, chairman of the Pakistan-Scotland Business Council said that the formation of JBC would further cement trade relations with Pakistan. Pakistan’s economy is flying high and its stock market is one of the best performing equity markets in the world, he added.

Hamilton said that 20 years ago China was not much developed, but now it has become the strongest economy. “Pakistan has also similar potential to China to achieve higher growth rate,” he said.

China-Pakistan Economic Corridor (CPEC) would be the game changer, as it has all the ingredients to help Pakistan achieve higher growth, he said, adding that the business council is keen to assist Pakistan in CPEC projects.

Hamilton, who is also the chairman of Pakistan-Britain Business Council, said that Brexit has provided opportunities to develop ties with the Commonwealth partners and Pakistan is an important one. The Scottish companies are keen to have business relations with their Pakistani counterparts, he added.

FPCCI president Zubair Tufail said that Pakistan’s annual exports to the UK stood above $1 billion and imports are around $850 million, favouring trade balance for Pakistan. He; however, said there is a need to further expand trade volume between the two countries.