The Scottish Chambers of Commerce (SCC) has signed an historic Memorandum of Understanding with the Federation of Pakistan Chambers of Commerce & Industry, opening up opportunities for Scottish businesses to access the country’s growing middle class and its affinity for UK expertise, products and brands.
The agreement was signed in front of witnesses from both Scotland and Pakistan from the tourism & hospitality, manufacturing and agriculture sectors.
Following a succession of meetings between the two organisations, the B2B-focused agreement is expected to deliver substantial trade opportunities for participating businesses.
The agreement with SCC establishes a pattern of regular meetings between both organisations to promote economic co-operation and exchange regulatory, political and environmental information designed to facilitate access for Scottish companies.
The total trade in goods and services between the Scotland and Pakistan was £14 million (to end of Q1 2022) and imports of £76M; both an increase on the previous year. Metal ores and scrap, office machinery, chemicals, cars and general industrial machinery are the top goods exported from the UK to Pakistan and services include travel, insurance & pensions and transportation.
Liz Cameron CBE, Chief Executive and Director of Scottish Chambers of Commerce said:
“The signing of this MOU gives us a real opportunity to boost trade and business between Scotland and Pakistan. The partnership will enable more businesses to connect and increase their international footprint providing a world of opportunities.”
Imran Khalil Naseer, Chairman Pakistan-UK Business Council (Federation of Pakistan Chambers of Commerce and Industry – FPCCI), added:
“The signing of this strategic understanding with Scottish Chambers will open new avenues of collaboration for businesses on both sides. It will strengthen Pakistan’s business relations with Scotland to promote trade and possibilities of joint ventures (JVs). This MOU will connect Pakistan’s apex chamber of commerce and industry with Scotland’s most influential business to business network.”