UK increases export volume with Pakistan
ISLAMABAD – The UK’s credit financing agency, UK Export Finance (UKEF) has increased its financing limit for UK businesses looking to export to and invest in Pakistan to £1.5 billion.
The announcement comes after a meeting between British High Commissioner to Pakistan Dr Christian Turner and Federal Minister of Commerce for Pakistan Razaq Dawood. Both officials also discussed trade ties and business potential between the two countries.
Increasing finance limit will boost trade partnerships between the two countries and unleash Pakistan’s growth potential.
UKEF helps secure large contracts by providing attractive financing terms to buyers and supporting working capital loans.
The commerce minister welcomed the UKEF’s announcement of an increase of £500 million in the credit limit for business investment in Pakistan, especially at a time when Pakistan is looking to expand its trade potential to mitigate the impacts of COVID19, said a press release.
Turner said UK credit financing for Pakistan has tripled in the last two years, and is key to achieving my ambition to double the trade between the UK and Pakistan. It is a sign of our confidence in Pakistan and the strength of the unique relationship between the two countries. I encourage all Pakistan businesses to look for opportunities to partner with the UK on their journey towards economic prosperity.
The UK is Pakistan’s third largest export partner. Between July 2019 and March 2020 Pakistan exported 7% of its total exports to the UK, and the increase in the credit financing limit will help turbo-charge trade relations between the two countries.
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