France plans huge investment in hotel, auto industry
By our correspondent
LAHORE: France is planning a huge investment in hotel and auto sectors in Pakistan in near future and all the modalities in this regard are being finalised. This was stated by the French Ambassador Regis De Belent while speaking at Lahore Chamber of Commerce & Industry on Monday.
He further said that two high-powered delegations are scheduled to visit Pakistan, first, in the end of the current month while the second team would visit next month to have first-hand knowledge about the available opportunities here.
The ambassador, who spoke at length on issues of mutual interest said that economic reforms initiated by the present government have impressed the French businessmen. He also urged the LCCI members to make investment in France, which has become a land of opportunities. He was of the view that there are a number of sectors, which are lying unexplored at the moment and this is high time for both the sides to initiate joint ventures.
He said it is high time that both the countries should join hands to take the existing volume of trade between the two countries to new heights. Speaking on the occasion, the LCCI President Shahid Hassan Sheikh said that France and Pakistan have common perception about most of the international political and economic issues and have steady trade relations. A brief analysis of our bilateral trade indicates that total trade between France and Pakistan has averaged about US$471 million over the last six years. Exports from Pakistan to France averaged around US$299 million and imports from France to Pakistan were US$172 million during this period.
Shahid said that France has also significantly contributed to the building up of defence capability of Pakistan’s Air Force and Navy by supplying Air Defence System & fleets of Mirages and transferring technology for building up of submarines.
He said that major areas where France and Pakistan can work together include telecommunication, automobiles, shipbuilding and automotive parts, defence equipment, oil & gas exploration, infrastructure, textile, garments, leather products, electrical & electronics appliances, fruits & vegetables, livestock & dairy, fisheries, horticulture, storage facilities for agro-products and cool chains. Any investment made in Pakistan will find market for its products in Pakistan, Central Asian States, China and other countries in the region.
Pakistan Railways also intends to lease out facilities to the private sector. France may be interested in this offer also. He said that although Pakistan is the 5th largest producer of milk in the world, the current industry is inadequate to meet the growing demand for milk and other dairy related products. French equipment and technologies could help exploit Pakistan’s full potential in agriculture, horticulture, dairy, livestock and food processing sectors.