Pakistan’s immersive middle class is attractive market for French firms

ISLAMABAD: France wants to enhance trade with Pakistan as it is a potential market for trade and investment, said France Ambassador to Pakistan Dr Marc Baréty.

Speaking to business community at the Islamabad Chamber of Commerce and Industry (ICCI), the ambassador pointed out that the 80 million-strong middle class of Pakistan was an attractive market for French companies due to which they were taking more interest in the South Asian nation.

He said the current volume of bilateral trade did not reflect the true potential of both countries and it could be further enhanced through strong efforts by both sides. The envoy said Pakistan and France were doing trade in limited goods and both should focus on the diversification of trade to achieve better results. He also pointed out that the EU’s GSP Plus facility for Pakistan had enabled it to bolster exports by 60% to countries of the largest economic block.

He suggested that instead of relying on textile products, Pakistan should focus on value-added agro-food products, medical appliances, dairy products and others to further enhance its exports to the EU, including France.

Baréty said the Doing Business in Pakistan Forum was held for French companies in Dubai and another would be held in the near future to attract more French firms towards Pakistan. He assured the business community that the French embassy would assist them in doing business with France.

Speaking on the occasion, ICCI President Ahmed Hassan Moughal said bilateral trade between Pakistan and France in 2017 stood at around €1.4 billion, which was not encouraging.