KARACHI: Consul General of France Alexis Chahtahtinsky has said to improve trade and investment cooperation between France and Pakistan, more contacts needed between the governments and the business communities of the two countries.
has said that Pakistan has a lot to offer to French companies but there were challenges including limitation on sending remittances abroad and restrictions on importing goods which would make difficult for foreign companies including those from France to operate here.
“We hope that these limitations would be temporary and you will be able to find a way out of the current crises and the difficult situation. We can look at the future with optimism as despite these challenges, we have one success story of Lucky Motors and Peugeot in Pakistan which shows us that we can have more success stories,” he added while exchanging views at a meeting with the members of Karachi Chamber of Commerce & Industry (KCCI).
Referring to the tragic incident outside Sheraton Hotel in Karachi where nine French engineers, who were working in Pakistan to build submarines, were killed in a bomb blast after 9/11 incident, he said that this incident in Karachi resulted in significantly decreasing the number of French companies operating in Pakistan and created a challenging situation.
“We are trying to get back now by taking more pragmatic steps for developing our bilateral trade and investment relations and we are building on success stories especially in the economic and industrial area. We already have French cars being assembled in Pakistan which means that we can work together and have more such success stories.”
He was of the view that Pakistan was a beautiful country which holds great tourism opportunities and also possesses very richest untapped land while Karachi, being the heart of country’s economic life, can offer a lot to French companies.
He further mentioned that France was also amongst the first nations to react to the devastating floods suffered by Pakistan as the first group of French rescuers arrived in Sindh in August who brought pumps to save submerged substations while the second group of military engineers also arrived in mid-October with a big equipment to convert dirty water into drinkable water which was a great sign of solidarity.
There will be more discussions at other forums on how to help Pakistan including the Donors Conference taking place next year after Pakistan comes forward with a plan for reconstruction.
President KCCI Mohammed Tariq Yousuf, while welcoming the French CG, said that the diplomatic relations between Pakistan and France were based on defence cooperation, boosting trade, economy and investments in addition to developing education linkages.
However, despite Pakistan and France agreement on the reciprocal promotion and protection of investment signed in 1983, the share of French net FDI was just $ 36.50 million in FY22 which should be enhanced to a reasonable level.
He noted that Pakistan-France trade was in slightly favour of Pakistan as exports to France stood at $ 531.60 million in FY22 as compared to $ 435.47 million in FY21, representing a growth of 22 percent on-year-on-year basis while the imports touched $ 515.59 million in FY22 as compared to $ 349.55 million in FY21, representing a growth of 47.50 percent on-year-on-year basis.
He was of view that France, being a major supplier of defence equipment, machinery and electronics, can cooperate in establishing industries in Pakistan by utilizing the low-cost labour available here and helping with the technology transfer.
He said that France as the leading economic EU leader played a significant role in securing the GSP Plus status for Pakistan in the past.
“We hope that France will play a similar role in the extension of Pakistan’s GSP Plus status to the EU beyond Dec 2023.”
In the end, president KCCI appreciated French CG for his remarkable efforts to strengthen Pak-France bilateral economic ties and extended KCCI’s full support and cooperation for further deepening the bilateral trade and investment ties.
Senior Vice President Touseef Ahmed, Vice President Muhammad Haris Agar, Chairman Diplomatic Missions & Embassies Liaison Subcommittee Ziaul Arfeen, Former Presidents Majyd Aziz and Iftikhar Vohra along with KCCI Managing Committee Members were also present on the occasion.
Copyright Business Recorder, 2022
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