EU to Provide 10 million Euros to Pakistan for Promotion of SMEs
Ambassador of the European Union to Pakistan, Androulla Kaminara, announced in Islamabad that the EU will provide 10 million euros to Pakistan for the promotion of four Small and medium-sized enterprises (SMEs) sectors, including Gems jewelry and mining, Information Technology, handicrafts & fashion wearing, and travel and tourism.
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According to Androulla Kaminara, the EU has convened the first Pakistan-EU Business Forum to support the SME sector in Pakistan.
In consideration of Pakistan’s accomplishments, the European Union and European Commission will decide whether to renew Pakistan’s Generalized Scheme of Preferences (GSP) plus status, according to the EU ambassador.
Androulla Kaminara added that the EU evaluates the legal and other issues of each member country, and if Pakistan satisfies the required standards, the GSP Plus will be renewed.
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The ambassador stated that GSP plus has had very favorable consequences on Pakistan, as Pakistan’s exports to EU countries have increased by $7.5 billion as a result of GSP Plus status, and that she sees no difficulties in extending Pakistan’s GSP Plus status.
Earlier, EU representatives discussed with the above-mentioned SME sector individuals the advantages of GSP plus as well as the EU-provided zero tariff on two-thirds of commodities.
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