President of Pakistan Businessmen and Intellectuals Forum (PBIF) Mian Zahid Hussain has emphasised the need to enhance bilateral trade with France.
"Despite potential of $ 2.7 billion, Pakistan could export only $ 143 million while imports from France were only $ 6 million despite huge potential of approximately $ 10 billion," he noted.
Mian Zahid said that France has been offered with the business visa and Pakistani nationality without surrendering the French nationality which is an additional benefit to French traders and investors.
"Pakistan shares close and old bilateral relations with France in different areas of interest including security, defence, science and technology and trade and economy," he said, adding that although EU is the biggest export destination for Pakistan with 34 percent share of the country's exports but France share in the total exports was just 5 percent in 2016 while imports to Pakistan were less than 1 percent.
He said commodities of export to France include textile and leather products, instruments used in medical, surgical or veterinary sciences, vaccines for medicine, dairy products.
He further said that import products from France include medium oils, light oils, telephones and mobile sets, scrap of steel and vehicles.
He said Pak-France bilateral trade stood at € 1.4 billion in 2017; however, huge growth potential is available.
Export sector can increase exports to France through realising huge potential market.
"Over 185 French companies are members of the Pakistan-France Business Alliance out of which 32 French companies, are represented in key sectors of the Pakistani economy, including energy, transport, public works, civil engineering, environment, pharmaceuticals, consumer goods, and non-banking services," he said.
The PBIF president said that in light of better investment opportunities, easy government policies and comfortable environment, French companies can further increase investment in several new and existing sectors which include renewable energy, tourism, hospitality and dams, etc.
He also cited that that all Greenfield investment has been exempted from regulatory duty (RD) on import of plants and machinery and also the GST, for five years, which would benefit all foreign investors.
"Opportunities lie in various areas of Pakistan, for example: human resource, minerals and agriculture sectors. Pakistan possesses exceptional raw material for investment and has a distinguished position in regional countries," he said.
Mian Zahid suggested that single country exhibitions and trade visits should be increased to strengthen bilateral trade between the countries.
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