Commerce Minister Humayun Akhtar Khan has pleaded for better European market access to Pakistani products and initiation of Free Trade Agreement (FTA), with EU member states.
Humayun, who is in Paris as part of the government's strategy to lobby for FTA with European countries, met a business delegation at Medef International-the French Business Confederation that represents around 800,000 large, medium and small French enterprises in all sectors (industry, commerce and services). Representatives of 25 major French companies, including Alcatel, Alstom, BNP Paribas, Accor and Danone participated in the discussions.
The Commerce Minister highlighted existing business opportunities in Pakistan's market and cited contents of World Bank study on 'doing business' in which Pakistan ranks 74 on a scale of 1 to 175. He asserted that Pakistan was a business-friendly country, which offers liberal investment and trade regime.
He was of the view that emerging middle class was broadening the consumer spending base and creating inelastic demand for quality goods. It's the best time for investment as there were numerous prospects for international and local businesses, he added. He also mentioned Goldman Sachs' classification of the 'next 11' fast emerging economies, which includes Pakistan.
Humayun highlighted the need for establishing linkages between the French and Pakistani companies in the textile sector. Pakistan's ambassador to France, Asma Anisa in her address briefed the participants about the overall trade and economic relations between the two countries.
A number of French companies were increasing their presence in Pakistan, which had rapidly increased trade between the two countries crossing $1 billion mark, she said.
Perigot, Chairman of Medef International welcomed the minister and recounted Medef's initiatives to bring together French and Pakistani businesses. He stated that Medef's forthcoming mission to Pakistan in June 2007 would be an important next step in the on-going exchanges.
He also pointed out that there was a lot of scope and potential for cooperation and to further develop trade and investment relations between France and Pakistan, particularly in infrastructure development and energy sectors. Senior representatives of important companies like Accor and Alcatel presented testimonies of their experience of doing business in Pakistan.
They termed the business environment as dynamic and positive. They also informed the meeting about their business expansion plans in Pakistan. The representatives of French companies present in Pakistan expressed satisfaction over security situation. "We feel secure in Pakistan", remarked Accur representative.