‘Sustainable policies to promote investment’

By PR
December 08, 2023

Islamabad: Dr Riina Kionka, ambassador and head of the delegation of the European Union to Pakistan said that Pakistan is a potential market for business and investment activities and it should focus on sustainable economic policies to attract more foreign investment.

She said this while talking to a delegation of the Islamabad Chamber of Commerce & Industry (ICCI) that called on her led by Ahsan Zafar Bakhtawari, president. Piotr BUSZTA, First Counsellor, Head of Political, Trade and Communication Section of EU to Pakistan was also present on the occasion, says a press release.

Dr Riina Kionka, ambassador and head of the delegation of the European Union to Pakistan speaks during a ceremony on September 8, 2023. — Facebook/European Union in Pakistan

Dr Riina Kionka said that the EU is the biggest export destination for Pakistan and that Pakistani exporters should take full advantage of the EU’s GSP Plus to further improve their exports. She said that the EU supports Pakistan’s integration into the global economy by furthering bilateral trade, promoting direct investment, and supporting institution building. She said that the EU also supports Pakistan’s ongoing economic reform agenda in consultation with the international financial institutions. The EU is planning to expand its dialogue and cooperation with Pakistan in addressing its energy issues.

Speaking on the occasion, Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that the EU’s apparel import market was valued at over €191 billion in 2022 while Pakistan is a major exporter of apparel. He stressed that the EU should import more textile products from Pakistan which would help boost industrialisation in Pakistan and revive our economy. He thanked the EU parliament for extending the EU’s GSP Plus scheme to Pakistan until 2027 and hoped that it would create new opportunities for Pakistani exporters to enhance exports. He said that SIFC is working to create a conducive environment for foreign investors in Pakistan and stressed that more EU investors should explore Pakistan for business and investment.

Faad Waheed, Senior Vice President ICCI said that the EU is the world’s largest trading bloc and Pakistan also wants to promote regional trade in South Asia. He said that the EU should share its experience with Pakistan in promoting a strong regional trading bloc in South Asia.

Zafar Bakhtawari, former president ICCI and Secretary General UBG Pakistan said that the EU countries should start direct flights with Pakistan to facilitate the promotion of bilateral trade and exports. He said that both sides should explore opportunities to expand and enhance existing trade agreements or negotiate new ones to boost economic ties.