I'm delighted to be here at the start of the 70th anniversary of Pakistan's independence. During my two days in Islamabad and Karachi, I have had the chance to speak to the government ministers and businesses and have been heartened to see that the historic friendship between our countries remains deep and achieves so much. Just a few weeks ago, the Foreign Secretary came to Pakistan and called for both our countries to ramp up our trade co-operation.

My visit has demonstrated to me the potential bilateral business opportunities. During my time in Pakistan, I met some of the biggest, longest standing British businesses invested in the country. From Standard Chartered Bank in financial services to GSK in pharmaceuticals, they were positive about the future and saw the growing middle class as a vital new market. Trade between our countries is £2.4bn and 120 British companies do business in Pakistan. But given the strength of our economies and our historic ties we should do better.

Pakistan will be classified an Emerging Market from May 2017. This is an important signal. Over the past few years, economic dynamism in the world economy has shifted from advanced economies to emerging markets. Pakistan has the 6th largest population in the world and a middle class that dwarfs other countries' entire populations. In Pakistan growth will also come from landmark projects such as the China Pakistan Economic Corridor. And CPEC offers opportunities for UK businesses to work with Pakistan. I spoke to key decision makers and told them we want to be part of this project. They know the UK is ready to do business. As well as our top flight construction firms, the UK's experts in accountancy, project management, consultancy and legal advice are ready to help. And the city of London has over 30 years experience of sharia-compliant products to offer support on finance.

As the UK leaves the EU, we will be reaching out to our friends around the world to build greater relationships based on shared prosperity. There has never been a better time to turn the potential for boosting the UK and Pakistan's prosperity into reality. But the UK can only do so much. Our partnership with Pakistan is long-standing and enduring. As a stalwart friend, I have encouraged my Pakistani colleagues to drive the reforms on which increased trade, poverty reduction and prosperity depend. This means continued effort to widen the tax base, reduce red tape, improve conditions for investors and help make exporters more competitive.

I also met a number of Pakistani business leaders who work with British companies, including Lucky Cement, Yunus Brothers Group and Atlas Honda. They too were ambitious for the future. Pakistan's trade with the UK has been growing by an average of over 2% for the past nine years. Like the British government and British businesses, they want this growth rate to be higher.

As Pakistan continues to improve its business environment, companies will be drawn to the opportunity I saw this week. British firms will be at the forefront. Convinced that Pakistan can seize the opportunity of its 70th anniversary, to redouble its reform and realise its potential as a vibrant, dynamic and fast growing inclusive economy.

(The writer is Minister for Asia and the Pacific, Foreign & Commonwealth Office, the United Kingdom)

Copyright Business Recorder, 2017