The Minister of Foreign Affairs, Shah Mahmood Qureshi, has reassured the European Union (EU) of Pakistan’s commitment to effectively implement the GSP-Plus related 27 international conventions.
Qureshi made this statement during his address to the Foreign Affairs Committee of the European Parliament.
The minister also accentuated that this facility is mutually beneficial and has played an important role in the improvement of trade between the two sides. He said, “While the GSP Plus has supported our exports, we have introduced reforms to attract foreign direct investment to maximally utilize this facility. Pakistan offers an open and deregulated market with 100 percent equity ownership and repatriation of capital and dividends”.
He pointed out that Pakistan’s IT sector has incredible potential, and that Pakistan’s IT exports have increased by 151 percent over the last five years. “The EU can benefit from Pakistan’s human resource in the IT sector to realize its goals of digitization,” he said.
While informing the attendees of the meeting about the recently established Special Technological Zone Authority (STZA) in Pakistan, Minister Qureshi said that they are operated with relaxed regulations and incentives that will create massive investment opportunities for domestic and foreign investors.
He further stated, “Investments from the EU member states in Pakistan’s export promotion zones could create a win-win proposition. Continued cooperation in this arena would facilitate further nurturing economic and trade ties between Pakistan and the EU member states”.
The minister also appreciated the EU’s support to Pakistan in the fight against the pandemic.
In his address, the Chair of the AFET, MEP David McAllister, highlighted the importance of the Pakistan-EU relations and the Parliament’s interest in further strengthening this partnership.
The 71-member AFET Committee is one of the most prominent and influential Committees of the European Parliament.