ISLAMABAD: The European Union (EU) mission in Pakistan will be hosting a business and investment forum in Islamabad this year, the Pakistani finance ministry said on Friday.
The statement came after EU Ambassador to Pakistan Riina Kionka’s meeting with Finance Minister Muhammad Aurangzeb, which focused on a range of matters of mutual interest, particularly business and investment ties between the EU and Pakistan.
During the meeting, the two figures discussed opportunities for European businesses in Pakistan and emphasized the need to create an enabling investment climate to harness the growing appetite for expansion, according to the Pakistani finance ministry.
Dr. Kionka said the EU had already mapped over 300 European companies in Pakistan and there were many more present, extending an invitation to Senator Aurangzeb to attend the business and investment forum, which the EU mission is planning to host in Islamabad in mid-May.
“The forum aims to foster collaboration and discuss how Pakistan can continue to attract European business [and] investment,” the finance ministry said. “She emphasized that European companies were increasingly viewing Pakistan as a hub for potential business opportunities, especially in light of the upcoming forum.”
Pakistan, currently bolstered by a $7 billion International Monetary Fund (IMF) program, is seeking foreign investment and an increase in trade to revive its fragile $350 billion economy.
Aurangzeb thanked the EU envoy for taking the initiative to host the forum, underscoring the government’s commitment to supporting EU businesses in Pakistan, facilitating their operations, and ensuring timely repatriation of dividends and profits.
He expressed appreciation for the EU’s support for Pakistan, particularly the importance of the Generalized Scheme of Preferences Plus (GSP+) facility, which has been a critical enabler of Pakistan’s efforts to drive export-led growth.
The GSP+ scheme grants beneficiary countries’ exports duty-free access to the European market in exchange for voluntarily agreeing to implement 27 international core conventions, including on human and civil rights. In October 2023, the EU unanimously voted to extend GSP+ status until 2027 for developing countries, including Pakistan.
“The Minister also emphasized the need for a more proactive approach in reaching out to European capitals for constructive engagement on key issues, including the continuation of the GSP Plus facility, which is vital for Pakistan’s trade relations with the EU in the coming years,” the finance ministry said.
“Both leaders reaffirmed their shared commitment to enhancing the economic and trade ties between Pakistan and the European Union, and to creating a thriving and mutually beneficial business environment for both sides.”