EU Ambassador Meets with Pakistan's Finance Minister to Enhance Economic Cooperation

Pakistan's Finance Minister, Senator Muhammad Aurangzeb, met with Raimundas Karoblis, the newly appointed Ambassador of the European Union to Pakistan, to discuss matters of mutual interest, particularly focusing on enhancing economic cooperation and strengthening bilateral trade and investment ties between Pakistan and the European Union. The meeting aimed to explore ways to boost economic cooperation and strengthen the Pakistan-EU economic partnership.

Key Takeaways:

• The Finance Minister briefed the Ambassador on Pakistan's economic situation, noting that the economy was on the path to recovery and in a stronger position, with recent positive assessments from global credit rating agencies.
• The Finance Minister informed the Ambassador about the Government's wide-ranging macroeconomic reforms in taxation, energy, state-owned enterprises, public finance, and the rightsizing of government institutions.
• The Ambassador assured the EU's continued support for Pakistan's economic progress and development, stating that the EU would further expand bilateral trade and investment ties.
• The Ambassador shared plans to fully revive and activate the EU-Pakistan Business Forum, with a meeting planned for the first half of next year, to serve as a catalyst for enhanced economic cooperation.
• Over 300 EU companies are currently operating in Pakistan across various sectors, with the Ambassador expressing his commitment to further expanding bilateral trade and investment ties.
• The Ambassador noted that the GSP Plus regime had been instrumental in boosting Pakistan's exports to the EU, with over 30 percent of Pakistan's exports destined for the EU market.
• The Ambassador expressed his condolences on the loss of lives and damage to infrastructure caused by the floods in Pakistan.

Statistics:

• Over 950 lives have been lost due to recent floods in Pakistan.
• Damage assessment to crops, roads, bridges, and other infrastructure is being carried out by the National Disaster Management Authority and through satellite imagery.
• The federal cabinet will decide on making an appeal to the international community for support in rehabilitation and reconstruction efforts.
• 300 EU companies are currently operating in Pakistan across various sectors.
• Over 30 percent of Pakistan's exports are destined for the EU market.
• The European Investment Bank is working on various projects in Pakistan, including lending for water and sanitation projects in Karachi.

Sources:

• A release issued by the Finance Division on the meeting between Raimundas Karoblis and Senator Muhammad Aurangzeb.