Karachi: The United Kingdom (UK) has announced an increase in its funding to Pakistan from GBP 400 million to GBP 1 billion, a news source reported. The announcement came from Her Majesty’s Trade Commissioner (HTMC) for the Middle East Simon Penney as he met journalists at the British High Commission, Karachi.
Penney stated that this measure is an indicator of the UK’s confidence and commitment towards trade with Pakistan. According to sources, the announcement of increased funding has come following a commitment made between Foreign Minister Shah Mehmood Qureshi and UK Foreign Secretary Jeremy Hunt last week. In this meeting, both sides agreed on UK doubling its available support for exports to Pakistan.
Penney added that the funding will help UK companies reduce the risk of doing business in Pakistan. Meanwhile, he said, the concerned British authorities will make this money available for Pakistani projects and companies.
The visiting HTMC revealed that direct lending will be available for hospitals, infrastructure, roads, factories, schools, and other development projects. He added that the UK is eager to increase two-way trade with Pakistan. Currently, this trade is at GBP 3.1 billion, Penney revealed.
Referring to studies conducted by the Overseas Investors Chamber of Commerce & Industry (OICCI), Penney said that the results indicate that Pakistan offers a number of opportunities for companies to invest, and the potential to make good returns.
Penney stated that the UK government is also focused on getting more companies to invest in Pakistan. He added that international companies would enjoy many opportunities of doing business in the country.
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