ISLAMABAD:
The European Union has planned to fully revive and activate the EU-Pakistan Business Forum, with a meeting planned for the first half of next year, which will serve as a catalyst for enhanced economic cooperation.
Newly appointed EU Ambassador Raimundas Karoblis stated this in a meeting with Federal Minister for Finance Muhammad Aurangzeb at the Finance Division on Thursday.
The ambassador noted that the GSP Plus regime had been instrumental in boosting Pakistan’s exports to the EU as over 30% of Pakistan’s exports were destined for the EU market. He highlighted the European Investment Bank’s ongoing projects in Pakistan, including lending for water and sanitation projects in Karachi and its future plans to support initiatives in railways, energy and rural housing.
The envoy remarked that he was pleased to be in Pakistan and underlined the country’s importance in promoting regional peace and stability in South Asia.
He stated that he had been briefed by his team on the macroeconomic stability achieved by Pakistan over the past year and a half and the recent credit rating upgrades. He assured the government of the EU’s continued support for economic progress and development.
Ambassador Karoblis pointed out that over 300 EU companies were operating in Pakistan across various sectors and expressed his commitment to further expanding bilateral trade and investment.
Speaking at the meeting, Finance Minister Muhammad Aurangzeb welcomed plans to activate the EU-Pakistan Business Forum and offered full support in that regard. He asked EU companies to explore investment opportunities in Pakistan, especially in oil and gas, mining and minerals, information technology, agriculture and privatisation of companies.
