Islamabad (TDI): Pakistan and the European Union are set to strengthen their economic relations through the first-ever high-level EU-Pakistan Business Forum, scheduled to take place on May 14-15 in Islamabad, according to a joint statement by the government and EU delegation on Tuesday.
The EU is the largest single market internationally and the largest destination for Pakistani exports.
The bloc is also the world’s largest foreign investor representing 42 percent of outward foreign direct investment worldwide.
“With a rapidly growing market of more than 240 million people, competitive labour costs, strategic geographical access to Central and South Asia and a preferential trade access to the EU, Pakistan offers bast business opportunities,” the statement noted.
To strengthen economic collaboration between the EU and Pakistan, the forum will bring together high-level policy makers — including the prime minister, ministers for finance and commerce — business leaders and CEOs from Pakistan and Europe, financial institutions such as the European Investment Bank (EIB), investors and other important stakeholders.
During the two days of the business event, Pakistan’s potential, innovation and best practices in major sectors, including agribusiness, green logistics, pharmaceuticals, energy and renewables, IT and textiles, will be showcased.
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The event will foster dialogue between the government and the private sector to enhance the regulatory framework and facilitate trade while promoting sustainable business practices.
The forum will also present the EU’s Global Gateway strategy, its largest investment program outside of the bloc that aims to leverage EUR 300 billion of investments globally until 2027.
EU Ambassador Dr Riina Kionka stated, “European companies are recognizing Pakistan as a potential business destination. This event serves as a key platform to strengthen cooperation between European and Pakistani businesses, increase bilateral trade, and explores new avenues for economic partnership.”
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Besides dedicated Business-to-Business and Business-to-Government meetings, dialogue, exhibitions, the event will also mark the launch of the EU-Pakistan Business Network – which will group together the over three hundred European companies active in Pakistan.
