ISLAMABAD: Pakistan’s small and medium enterprises are scheduled to get an opportunity to consolidate their relationship with European companies as a major business forum is launched next week, reported Dawn newspaper on Sunday.
The forum will be inaugurated on Wednesday and is likely help the country enhance the use of Generalized Scheme of Preferences Plus (GSP+), attract more European investment and encourage EU companies to increase their imports from Pakistan.
The European Union is one of the biggest export destinations for Pakistani products and accounted for 14.3 percent of the country’s total trade last year.
“The first-ever EU-Pakistan Business Forum for Small and Medium Enterprises will be launched on September 8 to provide opportunities for bilateral trade enhancement,” the newspaper said.
Despite Pakistan’s economic reliance on Europe, its relations with the region has been through turmoil recently after the publication of anti-Islam caricatures in French publications.
Last year, Prime Minister Imran Khan wrote a letter to leaders of Muslim-majority states, saying that Islamophobia was spreading in European countries.
The European Parliament also sought an immediate review of Pakistan’s eligibility for GSP+ status in April, citing instances of “violence and discrimination” against minority religious communities along with civil society organizations.
The preferential trade mechanism offers developing states access to European markets but requires them to subscribe to various international conventions related to human rights, governance and environmental protection.
The recent developments in Afghanistan have been followed by visits of some high-profile European officials to Islamabad.
Pakistan also helped evacuate foreign nationals, diplomats and journalists belonging to the region from Afghanistan after the fall of Kabul on August 15.
New EU-Pakistan business forum to be launched next week — media
https://arab.news/4pz6a
New EU-Pakistan business forum to be launched next week — media
- The EU-Pakistan Business Forum for Small and Medium Enterprises will be launched on Wednesday to strengthen bilateral trade
- The European Union is one of the biggest export destinations for Pakistani products and accounted for 14.3 percent of the country’s total trade last year
World Bank president in Pakistan to discuss development projects, policy issues
- Pakistan, World Bank are currently gearing up to implement a 10-year partnership framework to grant $20 billion loans to the cash-strapped nation
- World Bank President Ajay Banga will hold meetings with Pakistan Prime Minister Shehbaz Sharif and other senior officials during the high-level visit
ISLAMABAD: World Bank President Ajay Banga has arrived in Pakistan to hold talks with senior government officials on development projects and key policy issues, Pakistani state media reported on Sunday, as Islamabad seeks multilateral support to stabilize economy and accelerate growth.
The visit comes at a time when Pakistan and the World Bank are gearing up to implement a 10-year Country Partnership Framework (CPF) to grant $20 billion in loans to the cash-strapped nation.
The World Bank’s lending for Pakistan, due to start this year, will focus on education quality, child stunting, climate resilience, energy efficiency, inclusive development and private investment.
"World Bank President Ajay Banga arrives in Pakistan for a high-level visit," the state-run Pakistan TV Digital reported on Sunday. "During his stay, he will meet Prime Minister Shehbaz Sharif and other senior officials to discuss economic reforms, development projects, and key policy issues."
Pakistan, which nearly defaulted on its foreign debt obligations in 2023, is currently making efforts to stabilize its economy under a $7 billion International Monetary Fund (IMF) program.
Besides efforts to boost trade and foreign investment, Islamabad has been seeking support from multilateral financial institutions to ensure economic recovery.
“This partnership fosters a unified and focused vision for your county around six outcomes with clear, tangible and ambitious 10-year targets,” Martin Raiser, the World Bank vice president for South Asia, had said at the launch of the CPF in Jan. last year.
“We hope that the CPF will serve as an anchor for this engagement to keep us on the right track. Partnerships will equally be critical. More resources will be needed to have the impact at the scale that we wish to achieve and this will require close collaboration with all the development partners.”
In Dec., the World Bank said it had approved $700 million in financing for Pakistan under a multi-year initiative aimed at supporting the country's macroeconomic stability and service delivery.
It followed a $47.9 million World Bank grant in August last year to improve primary education in Pakistan's most populous Punjab province.
