UK, Pakistani and Nigerian Trade Ministers welcomed almost £140
million of new British business investment today, boosting jobs
and economic development.
It comes as Pakistan and Nigeria joined 52 nations in London for
the Commonwealth Heads of Government Meeting (CHOGM), with the
benefits of intra-Commonwealth trade high on the agenda.
New investment
Global consumer brand Unilever will invest £86 million in new
manufacturing capacity at its four factories in Pakistan.
Anglo-Dutch oil giant Shell will also invest up to £13 million by
2020 in around 100 new fuelling stations along the China-Pakistan
Economic Corridor (CPEC) route, allowing trucks carrying goods
between the countries to refuel, driving increased trade.
Meanwhile Dorset-based renewable energy firm Low Energy Designs
Limited UK is launching ‘Light up Lagos’, a £38 million
investment to deliver 40,000 low energy LED streetlights in the
Nigerian capital over the next four years.
The lights will improve safety and help tackle pollution and
crime in Africa’s largest city, and create over 500 local jobs.
Trade Minister said:
“As the Prime Minister has made clear, the Commonwealth has a
unique opportunity to boost its trade links and drive prosperity
and growth among its members. Pakistan and Nigeria are prime
examples of this, with their growing trade with the UK and
overseas investment powering economic growth.
“Unilever, Shell, and Low Energy Designs are showing what UK
companies can achieve in the Commonwealth’s growing market of 2.3
billion customers, and my department is ready to help.”
Ministers commit to trade
UK Trade Minister met with Pakistan’s Minister of
Commerce, Muhammad Pervaiz Malik, and opened the London Stock
Exchange this morning with Nigeria’s Minister of Industry, Trade,
and Investment, Hon Okechukwu Enelamah.
It follows Hands’ visit to Pakistan in September last year where
the UK and Pakistan confirmed their ambition to increase
bilateral trade and the UK confirmed its intention to maintain
the preferential access Pakistan receives to UK markets to
support Pakistan’s economic growth after the UK leaves the EU.
The UK is Pakistan’s biggest trade partner in the EU, with UK
exports up over 13% in 2016, and 2% of all Britons have their
roots in the country.
UK Companies have already invested £5 billion in Nigeria, with
bilateral annual trade worth £3.4 billion.
