ISLAMABAD:
The United Kingdom’s trade envoy to Pakistan, Mohammad Yasin, on Wednesday urged Islamabad to cement its relative economic stability and instil investor confidence, while also inviting Pakistani businesses to invest in the UK.
In an interview with The Express Tribune at the end of his three-day visit to Pakistan, Yasin noted that the country was doing better than it was two years ago in terms of economic and political stability.
“I would take the message that Pakistan is doing much better and is very serious, but it is a long road, and these policies need to be continued,” said Yasin in response to a question.
The envoy visited Pakistan to explore investment opportunities and to encourage local businesses to consider investing in the UK. He also met with several politicians and with the Special Investment Facilitation Council (SIFC) to raise issues affecting UK investors.
Under the UK’s 2035 growth policy, the country is seeking foreign investment across eight sectors, providing opportunities for Pakistani businesses as well.
Yasin said the bilateral trade volume between the two countries currently stands at £4.7 billion, which he described as insufficient. He added that there is no upper limit to increasing this figure by 2035. His message to Pakistan’s leadership, he said, was that the UK is open for investment, and Pakistani companies should seize the opportunity.
“The UK is a haven for companies to invest in. We have launched a modern industrial strategy under the new government, focusing on eight different sectors. We are inviting companies from other countries to come invest in the UK — and we also want to invest in Pakistan.”
“Conversely, Pakistan must provide stability and confidence for UK investors,” he added.
The envoy acknowledged improvements in Pakistan’s economic and political environment over the past 18 months, but stressed the importance of consistent long-term policies, particularly under the International Monetary Fund (IMF) programme, to maintain this trajectory.
“Everybody recognises that, compared to only two years ago, things are much better — there’s no doubt about that. But things have not been progressing when compared with other developing countries. I think more still needs to be done,” he said.
“A year and a half is a short time, and to attract long-term investment, you need to do more in the coming years,” Yasin noted.
He said Pakistan’s young population — 65% under the age of 30 — and the rising number of young entrepreneurs, especially women, were national strengths. While optimistic about the country’s direction, he reiterated the need for sustained policy consistency to maintain investor confidence.
Yasin said bilateral trade could grow significantly and announced that a ministerial trade dialogue between the two countries would be held in the near future.
He added that the ministerial trade dialogue would focus on breaking down barriers that currently hinder UK investors. Trade teams from both countries are finalising the agenda for the meeting, which will take place in London.
“Security and stability are key factors for investors. Where they don’t feel comfortable or confident, they simply do not invest,” he said.
Asked about the sectors where Pakistan could boost exports, Yasin identified information technology and agriculture as key areas. “We really want to encourage them to come over there,” he added.
Yasin said the UK could provide technical expertise to Pakistan in mineral extraction. A UK company has already secured a £53 million contract, he said, while consulting firm McKinsey is advising the Pakistani government on the regulatory and fiscal framework for the mining sector.
He added that the UK is open to addressing Pakistan’s concerns regarding non-tariff barriers and said these issues may be part of the upcoming ministerial agenda.
Yasin stressed that Pakistan must invest in its supply chains to help small and medium-sized enterprises scale into larger businesses. He also assured that the UK’s Developing Countries Trading Scheme — its replacement for the EU’s GSP+ — will continue uninterrupted.
“The UK is not in favour of protectionism and supports global and regional supply chains,” he said.
“UK companies are keen to invest in Pakistan. Please give them some stability, some confidence, so they can invest here. They really want to come and invest,” Yasin reiterated.
In response to another question, Yasin said the Pakistani government had taken steps in recent years that move toward long-term stability. However, he added, the country still needs sustained political, economic, and security stability to attract meaningful investment.
“Investors will invest if they feel confident that their money is safe,” he said. “Pakistanis living in the UK want to invest here to give back to the countrybut they haven’t been able to do so,” said Yasin, who was born in Pakistan.
He noted that UK companies continue to face challenges related to intellectual property rights and pharmaceutical pricing, particularly due to the classification of medicines as essential or non-essential. Yasin said he raised these concerns with the SIFC.
