KARACHI: Pakistan is seeking stronger European Union investment in the oil and gas, mining, information technology, agriculture and privatization sectors, Finance Minister Muhammad Aurangzeb said on Thursday.
The EU is one of Pakistan’s largest trading partners, accounting for more than 30 percent of exports under the GSP+ preferential trade scheme. More than 300 EU companies already operate in Pakistan, while the European Investment Bank has supported major projects in water, sanitation and energy.
“We encouraged EU companies to explore investment opportunities in Pakistan and expect their participation to grow further in sectors such as oil and gas, mining, IT, agriculture and privatization,” Aurangzeb was quoted as saying in a statement released by the finance ministry after he met the new EU ambassador to Pakistan, Raimundas Karoblis.
Aurangzeb said Pakistan’s recent upgrades from global credit rating agencies and wide-ranging reforms had improved investor sentiment, creating conditions for deeper economic engagement with Europe.
According to the finance ministry, Karoblis congratulated Pakistan on its progress and assured Brussels’ continued support. He said he would revive the EU-Pakistan Business Forum with a meeting planned for next year, and noted that more than 300 EU firms were already active in the country.
Karoblis also highlighted the importance of the GSP+ trade scheme in boosting Pakistan’s exports to Europe and pointed to European Investment Bank projects in Karachi’s water and sanitation sector, with future plans in railways, energy and rural housing.
Aurangzeb briefed the envoy on the floods that have killed more than 950 people nationwide this monsoon season, saying the government was handling relief from its own resources while assessing longer-term rehabilitation needs.
Both sides reaffirmed their commitment to strengthening economic ties and exploring new avenues of cooperation, the finance division said.
