Pakistan, EU to hold first-ever joint business forum in May

Pakistan and the European Union (EU) are set to strengthen their economic ties 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, said a report by Geo.tv.

The EU is the largest single market in the world and the largest destination for Pakistani exports. The EU is also the world’s largest foreign investor representing 42 per cent of outward foreign direct investment globally.

“With a rapidly growing market of over 240 million people, competitive labour costs, strategic geographical access to Central and South Asia and a preferential trade access to the EU, Pakistan offers immense business opportunities,” the statement read.

To enhance economic cooperation 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, investors and other key stakeholders.

During the two days of the business forum, Pakistan’s potential, innovation and best practices in key sectors, including agribusiness, energy and renewables, green logistics, pharmaceuticals, IT and textiles, will be showcased.

The forum will foster dialogue between the government and the private sector to improve the regulatory framework and facilitate trade while promoting sustainable business practices. The event will also present the EU’s Global Gateway strategy, its largest investment programme outside of the EU that aims to leverage EUR 300 billion of investments worldwide until 2027.

EU Ambassador Dr Riina Kionka said, “European companies are recognising Pakistan as a potential business destination. This forum serves as a vital platform to strengthen collaboration between European and Pakistani businesses, deepens bilateral trade, and explores new avenues for economic partnership.’

“It also is an opportunity for Pakistan to benefit from the opportunities of Global Gateway.” Besides dedicated business-to-business and business-to-government meetings, engaging discussions, dedicated exhibitions, the forum will also mark the launch of the EU-Pakistan Business Network -- which will group together the 300+ European companies active in Pakistan.

“The forum marks a crucial step in reinforcing the economic ties between Pakistan and the European Union in the spirit of Stronger Together, paving the way for enhanced collaboration and mutual prosperity,” the statement concluded.