Lahore, 14 October 2021 (TDI): The delegation of the European Union to Pakistan launched its second phase of the EU-Pakistan business forum in Lahore. The EU-Pakistan business forum aims to expand trade cooperation and to provide more opportunities for business.
Through 🇪🇺🇵🇰 Business Forum, 🇪🇺supporting 🇵🇰 SMEs realise potential as engines of development & partnership, by accessing the 🇪🇺 single market.
— EUPakistan (@EUPakistan) October 13, 2021
The launched EU-Pakistan business emphasizes Small and Medium Enterprises (SMEs). It will help to enhance the engine development and partnership between the two partners. The EU delegation expressed its will to continue to support Pakistan on policy support and technical assistance.
Several key sectors including Rice, Fruits and Dairy, Sports and Surgical Goods, Garments and Value Added Textiles, and Leather attended the EU-Pakistan forum’s second phase. The EU delegation emphasized the EU granted GSP+ concessions that can reap full benefits.
Small and Medium Enterprises are thought to intensify the cooperation of two partners. The EU economy contains 25 million Euros SMEs containing services and Pakistan has 3.3 million SMEs containing services. 30 percent of Pakistan’s GDP depends on SMEs. It provides almost 70 percent of industrial employment in Pakistan. Similarly, SMEs provide two out of three jobs in the industrial department of the EU region.
The first chapter of the EU-Pakistan business forum was held in Islamabad in September 2021. And, its upcoming session will take place in Karachi. It will create unprecedented cooperation in the history of EU-Pakistan relations. The two partners already enjoy good relations and cooperate with each other in several fields.