In Pakistan the 1990’s are referred to as ‘the decade of lost opportunities.’ Over the past three years, however, structural reforms have improved the country’s economic status and generated sustained growth, financial stability and an improved trade outlook.

Estimates show that the country’s exports increased 32% between 1999 and 2003 to $10.3 billion, while imports rose 18% to $11.1 billion. Foreign exchange reserves, meanwhile, increased more than seven-fold to $10.1 billion. Of the total 42% is currently used for debt servicing, compared with 64% in 1999. Inflation fell from 12% to 5.6%.

During a meeting with the Sialkot Chamber of Commerce and Industry (SCCI) in Pakistan last week, the British Deputy High Commissioner, David Pearey underlined the need for Britain and Pakistan to maintain their strong trading links.

As the United Kingdom is Pakistan’s main investor, Pearey urged more British and Pakistani companies to set up joint ventures in Sialkot’s leather goods, sports goods, surgical instruments and information technology industries.

On Saturday, the minister of state and chairman of the Export Promotion Bureau, Tariq Ikram, proposed that China and Pakistan should also strengthen their trading connections. Ikram suggested that Chinese and Pakistani leather, textile, fishery, engineering and sports companies should also enter into joint ventures.

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