Islamabad, 8 September 2021 (TDI): EU-Pakistan Business Forum for Small and Medium Enterprises was launched by the delegation of the European Union to Pakistan in Islamabad today. The representatives of local SMEs from different sectors attended the event. The Representatives are from sectors like mining, information technology, handicrafts, gems, fashion wear as well as travel and tourism.
The European Union and Pakistan Business Forum basically aim to provide the European Union and the companies of Pakistan with the opportunity to work together to become engines of development to help them grow the bilateral trade. During the first session of the SME in Islamabad, the participants were briefed on how they can benefit from the European Union’s GSP + scheme, which basically provides two-thirds of duty-free market entry. Pakistan’s Economy consists of almost 3.3 million small and medium-sized enterprises, including service providers, manufacturing enterprises, and new businesses.
SMEs account for over 30% of Pakistan’s GDP, about 25% of exports, and over 70% of industrial employment. All the small and medium-sized enterprises are the backbones of the European Union Economy. These types of businesses are going to help to bring the enterprises from Pakistan and the European Union together.
Androulla Kaminara, Ambassador of the European Union to Pakistan shared her thoughts on how Pakistani SMEs can benefit from a range of SPG + concessions. The European Commission has taken steps to remove regulatory and practical barriers in business for small and medium-sized enterprises, giving them the opportunity to expand their presence in the EU. Also, the diversification into other business sectors in Pakistan will stimulate trade and ultimately allow Pakistan to maximize the potential of GSP +. Other subsequent meetings in Karachi and Lahore will be held later this year.
