Ahmed Mukhtar Naqshbandi
FAISALABAD: Deputy Head of Mission for the European Union (EU) Thomas Seiler has said that Pakistan must exploit the untapped economic potential of the European Union (EU) under the GSP (Generalized Scheme of Preferences) Plus Scheme to overcome its current financial crisis.
Addressing the business community on Saturday at FCCI (Faisalabad Chamber of Commerce and Industry), he highlighted the importance of duty-free access for Pakistani products to European markets.
He said that it had particularly benefited the textile sector of the country. He further said that most of the textile mills were using European machinery, which assisted them in improving the quality of their products.
“We are also working on technology transfer,” Thomas Seiler said and hoped it would pave the way for Pakistani exporters to unlock the massive potential in other sectors besides textiles.
He said that Pakistan should advance forward in technology and initiate projects like car manufacturing. However, in this connection, the two sides should collaborate and cooperate.
Exploiting the potential of the EU under the GSP Plus
Seiler further said the interconnected facility of GSP Plus between the two sides with several agreements, treaties, and protocols already ratified by Pakistan.
He said the current tenure of GSP Plus was going to expire in December 2023 and the government of Pakistan must apply right now for the extension of this facility. He said the EU Mission was critically examining the implementation of different treaties.
He further said the GSP Plus issue would be discussed in EU parliament during the coming months of September and October to make a final decision.
However, the business community of Faisalabad must put pressure on its government to launch aggressive lobbying to win support from maximum EU countries for the continuity of this facility.
He said the business community should also remain vigilant and seek political help from the other EU member countries instead of depending on France and Germany.
Responding to a question, Seiler clarified that the business was not a charity. It meant profit and Pakistan should also focus on expanding its exports purely on competitive and scientific lines.
The Deputy Head of Mission regretted the desecration of the Holy Quran in some countries of Europe and said that the EU was making concerted efforts to discourage this tendency.
Earlier, in his welcome address, Senior Vice President FCCI Dr Sajjad Arshad said that 124 business, industrial and commercial associations of this city were connected with the FCCI. “It has 8,000 members
from all sectors of the economy”, he said and added that Faisalabad was centrally located and was the ideal destination for local and foreign investment. He said that Faisalabad was contributing 20% towards the national GDP while its share in total textile export is around 65%.
Commenting about the devastating rains and floods, Dr. Sajjad Arshad said that it had caused $40 billion in losses while many families were still shelterless and without food.
