UK investors show keen interest in Pak’s capital market

LONDON (APP): The investors of the United Kingdom’s capital and financial market in a meeting with Caretaker Prime Minister Anwaar-ul-Haq Kakar on Monday expressed their keen interest in exploring investment opportunities in Pakistan.

The leaders of the notable investment firms who met the prime minister in London included Fidelity International Limited (FIL), Wellington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Oxford Frontier Capital, GuarantCo, JP Morgan, Kalrock Capital, and UBL UK.

Prime Minister Kakar informed the delegation about Pakistan’s current economic landscape, highlighting government measures for external account improvement. He said that recent administrative actions strengthened the Pakistani rupee against the US dollar, fostering optimism for stability.

He said positive indicators, including inflows from the World Bank, Asian Development Bank, and friendly nations, contributed to reduced inflation, stabilized reserves, and revival of industrial growth. The prime minister spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive impact of the Stand-By Arrangement (SBA) with the IMF, exceeding expectations and stabilizing the economy and currency.

He also highlighted economic improvements such as reduced inflation with expected sustained decline, and upcoming growth in agriculture and industry. He mentioned improved trade after removal of restrictions on imports and fiscal measures for monetary support and medium-term inflation targets.

The prime minister highlighted Pakistan’s pro-investment efforts, introducing the Special Investment Facilitation Council (SIFC). This initiative, led by the prime minister himself, streamlines investment processes, attracts investments in key sectors, and fosters long-term growth by simplifying the business landscape.

The British investors enquired about the continuity of the International Monetary Fund (IMF) programme in Pakistan and reform efforts from short to medium term. The prime minister assured them that Pakistan had expressed its commitment to the IMF programme by undertaking reforms committed with the IMF.

Kakar urges British fashion firm to open buying house in Pakistan: Caretaker Prime Minister Anwaar-ul-Haq Kakar, highlighting Pakistan’s pro-investment policies and facilities, urged the UK-based Boohoo Group to consider opening buying houses in Pakistan.

The prime minister, in a meeting with leading British businessman and co-founder and Executive Chairman of Boohoo Group Abdullah Kamani, emphasised the advantages of investment in Pakistan and extended an invitation to Boohoo Group to send a buying delegation to Pakistan for enhanced collaboration.

In the meeting, Kamani expressed keen interest in establishing long-term buying linkages with Pakistan and the ambition to create a comprehensive supply chain in the country, encompassing organic cotton to apparel production. They also hoped for improved Pakistan-UK air connectivity to facilitate increased imports from Pakistan.

Prime Minister Kakar conveyed Pakistan’s commitment to facilitating investment and offered support in establishing manufacturing facilities within the country, particularly within Special Economic Zones (SEZs). The meeting marked a significant step towards enhancing economic cooperation and trade between Pakistan and the firm.

Boohoo Group is a prominent British online fashion retailer with annual sales exceeding one billion pounds, with a wide range of popular brands including boohooMAN, Pretty Little Thing (PLT), Miss Pap, Karen Millen, Coast, Oasis, and Debenhams.