950817

'Britain's trade

with Pakistan

in 5 years has

grown by 38 pc'

HASEEB HAIDER

LAHORE: Britain's trade with Pakistan over the last five years has grown by 38 percent and Britain companies provide at least 10 percent of all goods that the nation buys from industrial countries across the globe, states Tony Baldry parliamentary under secretery of state for the Foreign and Commonwealth Office.

"The UK in the second largest source of overseas investment in Pakistan," Tony Baldry said in his remarks published in a detailed report of the proceedings of a seminar on power held in Lahore in March. The report was released here on Thursday.

He said the depth of UK Pak relationship was demonstrated when Prime Minister Benazir Bhutto visited London last year following which many major companies resoponded to her invitation to invest in Pakistan.

MoU worth one billion pound sterling were signed. As a follow up, he said, trade missions would be visiting Pakistan and a series of seminars held in the United Kingdom.

The secretary said several major British companies including Glaxo, Sheel, Lever, Wellcome and Caurtaulds have traded in Pakistna for many years and more recently, the privatised utilities, British Gas, Midlands Electricity, National Grid Company and National Power have shown their keen interest. "This year has been particularly notable for concrete expression of confidence in Pakistan's future. National Power invested over 100 million U.S dollars as the leading investor in the Hub Power Project, the largest private power development in Asia and of fundamental importance to the economy of Pakistan.

"In the textile sector, ICI is investing 100 million dollars to expand its production of polyester fibre. Other major projects are in the pipeline for UK companies in the power and financial sectors," he added.

Tony said "we have been very active and Pakistan offers opportunities for further investment. British companies can feel comfortable in Pakistan's commercial environment, where they have traditionally been well loked after."

The British government actively promotes investment in Pakistan, he said as in November 1994 during Premier Benazir's visit "we signed an investment promotion and protection agreement with Pakistan.

"Our trade and aid policies support Pakistan's economic development on a bilateral basis and multilaterally through institutions such as the World Bank, and the European Union," he stated.

Pakistan is the Commonwealth Development Corporation's largest single country portfolio with commitments exceedings 143 million pound sterling including Hub Co. Tony Beldry said.

He said the UK's export credits guarantee development (ECGD) had increased the medium and long-term cover for capital goods and project exports; its premium rates were now below the average rate charged by other major export credit agencies.