Trade with Pakistan to rise to £2.5 billion: Warsi

LONDON: Cabinet Minister and Conservative Party co-chair Baroness Sayeeda Warsi has said that the UK would continue to be the strongest possible advocate for greater Pakistani access to European Union markets.
Speaking to The News about the questions of economic development in Pakistan, she pledged the UK government would “increase the value of our trade in goods and services to £2.5 billion a year by 2015”. Baroness Warsi recently visited Pakistan with UK Prime Minister David Cameron. She highlighted the relationship with Pakistan had shifted from being “a transactional relationship” to “a very strategic relationship” which involves a wide range of new areas of cooperation.
Despite the enormous challenge Pakistan’s economy faces, Baroness Warsi believes that Pakistan has the potential to become one of the economic success stories of this century. She stressed that trade and investment were vital to development in Pakistan and the strong connections between the two countries offered huge potential for growth in the trade relationship.
She said that Pakistan has many natural advantages for business. “First, it’s a huge, growing market: the 6th largest country in the world. With a population set to rise from 180 million now to 335 million by 2050: 60% currently are under 25 years old. “Second, it’s already a large economy: GDP (Purchasing Power Parity) stands at $460 billion. It is 27th on the IMF’s list of 183, with a growing middle class of some 30 million with an average income of $10,000 a year. “Third, it is strategically located: It is the nearest coast to much of Central Asia & western China. The ports of Karachi and Gwadar a natural warm water deep sea port on the Arabian Sea, lie at the mouth of the Gulf. And this is a huge asset. “Forth, people surely are Pakistan’s greatest strength. Although, population growth brings mouths into the world it also bring brains. If educated, healthy and employed, they could provide Pakistan’s economy with a huge demographic dividend. Pakistan has the 7th largest pool of scientists and engineers in the world. 100 universities, 150 research institutions and produces 100,000 engineering graduates every year.
Earlier this year, the UK government organised a successful conference in London to encourage more inward investment from the UK to Pakistan. Both UK Trade Minister Lord Green and British High Commissioner to Islamabad Adam Thomson addressed the conference.