H.E. Mr. Raimundas Karoblis, the newly appointed Ambassador of the European Union to Pakistan, called on the Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, at the Finance Division today.
During the meeting, both sides discussed matters of mutual interest, particularly focusing on enhancing economic cooperation and strengthening bilateral trade and investment ties between Pakistan and the European Union.
Welcoming the Ambassador on his diplomatic assignment in Pakistan, the Finance Minister briefed him on the country’s economic situation, noting that the economy was on the path to recovery and in a stronger position. He also apprised the Ambassador of the Government’s wide-ranging macroeconomic reforms in taxation, energy, state-owned enterprises, public finance, and the rightsizing of government institutions, expressing optimism that the privatization process would gain further momentum in the coming days. He underlined that the Prime Minister was personally leading the economic reform agenda.
He noted that Pakistan had recently received positive assessments from all three leading global credit rating agencies, which were now well-aligned on Pakistan’s economic outlook, reflecting growing confidence from bilateral partners, including the EU. He added that overall business sentiment had improved, though continued efforts were underway to further facilitate local investors.
The Finance Minister also spoke about the devastation caused by recent floods to crops, livestock, and infrastructure, stating that federal and provincial governments were managing rescue and relief operations from their own resources. He informed that over 950 precious lives had been lost and that damage assessment to crops, roads, bridges, and other infrastructure was being carried out by National Disaster Management Authority and through satellite imagery. He said the federal cabinet would decide on making an appeal to the international community for support in rehabilitation and reconstruction efforts.
Senator Aurangzeb welcomed plans to activate the EU-Pakistan Business Forum and offered full support in this regard. He encouraged EU companies to explore investment opportunities in Pakistan, especially in the oil and gas, mining and minerals, information technology, agriculture, and privatization opportunities in the power, financial, and aviation sectors. He also thanked the EU for its continued support under the GSP Plus scheme.
Ambassador Karoblis said he was pleased to be in Pakistan and underlined the country’s importance in promoting regional peace and stability in South Asia. He stated that he had been briefed by his team on the macroeconomic stability achieved by Pakistan over the past year and a half under the Finance Minister’s leadership, and congratulated him on the recent credit rating upgrades for Pakistan. He assured the EU’s continued support for Pakistan’s economic progress and development.
He informed that over 300 EU companies were currently operating in Pakistan across various sectors and expressed his commitment to further expanding bilateral trade and investment ties. He shared his plans to fully revive and activate the EU-Pakistan Business Forum, with a meeting planned for the first half of next year, which would serve as a catalyst for enhanced economic cooperation.
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. He also highlighted the European Investment Bank’s ongoing projects in Pakistan, including lending for water and sanitation projects in Karachi, and its future plans to support initiatives in the railways, energy, and rural housing sectors.
Ambassador Karoblis expressed his condolences on the loss of lives and damage to infrastructure caused by the floods in Pakistan. Both sides reaffirmed their commitment to further strengthening the Pakistan-EU economic partnership and to exploring new avenues of cooperation in the years ahead.
