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France-Pakistan enjoy ‘win-win’ situation, SBP governor

KARACHI : Dr Ishrat Husain, Governor of the State Bank of Pakistan (SBP) said on Friday both France and Pakistan enjoyed a ‘win-win’ situation and the two countries had now to catch up with the fast moving world.

"There is a win-win situation for both the countries," the governor said at a ceremony where Pakistan France Business Alliance (PFBA) signed a partnership agreement with the French Ministry of Economy, Finance and Industry (MINEFI).

The agreement underlines bolstering cooperation and developing a real synergy between the respective mechanisms for French and Pakistani companies desirous of prospecting business opportunities in both the countries.

Pakistan was not keeping all the eggs in one basket and trying to diversify trade and business relationship because it had plans to accelerate its growth, the governor said as he described the ceremony a ‘significant’ occasion.

The accord was signed by President Amin A Hashwani on behalf of Pakistan France Business Alliance and Jean-Philippe Quercy, Economic and Commercial Counsellor, Embassy of France, on behalf of MINEFI in the presence of the Governor and Consul General of France, Jean-Yves Berthault at the French consulate.

Quercy told the selected gathering: "I am confident that this agreement will go a long way in strengthening the economic cooperation between the private sectors of both the countries and pave the way for similar cooperation in other fields of activity between the two countries."

He said for the last 10 years, due to various inconveniences, France and Pakistan, although being partners into an old partnership dating back to the 70’s, have been slowing down their trade and financial relations.

Our two-way trade has been cut two times, the French ODA has been suspended and the last French bank left the country three months ago.

"However, we are confident today that this time is over," he said and added: "The main reason being the stupendous management of Pakistan in macro economy and macro finance. In other words, the sound foundation cemented by the Ministry of Finance and the central bank have led the French authorities to define today fresh priorities in favour of Pakistan."

As far as it is concerned, PFBA has been of a great assistance in helping in preparing the ground for planting new seeds. For instance, it has acted as facilitator in developing relations with MEDEF (The Confederation of French Industrialists) and today the Embassy of France is preparing a "fact-finding mission" of MEDEF probably in March 2005.

PFBA has been also developing its relationship for the last six months with the Paris Chamber of Commerce and UCCIFE (Association of French chambers abroad) and now there is a Business Forum under preparation for next year under the Asia Invest programme of European Union.

Consequently, today time is quite appropriate to strengthen the relations between private sectors, and the present agreement will favour such a move.

To shorten a long list, Quercy mentioned in particular few of the actions the Economic Department and PFBA will undertake together under this agreement.

* Communication to PFBA of the programme of events organised in Pakistan by UBIFRANCE, the French agency for international development of companies.

* Promotion of their respective publications through each other’s website.

* Organisation of the visits in France where the Pakistani market may be of potential interest for French exporters & investors, and look for opportunities for Pakistani companies in France.

* Cooperation for inviting guest speakers from France for seminars organised by it.

* Transmission to Pakistan France Business Alliance of queries from Pakistani companies concerning trade opportunities in France and from French companies looking for suppliers or subcontractors in Pakistan.

* Joint action in helping Pakistani companies to participate in French fairs & exhibitions and French companies to participate in Pakistani exhibitions. Right now, I am proud to notice the participation of many French companies in IDEAS 2004.

"Broadly speaking, this agreement will ensure a smooth flow of information from both sides concerning the trade and investment opportunities for the benefit of both countries’ private sectors and help in evolving modalities of concrete joint action for the promotion of trade and investment between the two countries, in particular in five priority areas namely: Industrial equipment and capital goods, chemical products, pharmaceutical and cosmetics, telecommunications and textile and leather. Joint working groups will be formed between Pakistan France Business Alliance and Economic Department for identifying trade and investment opportunities in these fields."

Amin A Hashwani, President of the Pakistan France Business Alliance, said: "We at Pakistan France Business Alliance would play our part in improving the image of our country and encouraging French companies to do business in Pakistan.

You would be pleased to know that our Executive Committee has approved filing candidature of PFBA for the Invest Asia Programme to avail of European Union assistance for promotion of Pak-EU trade in which the European Union Commission will contribute 70 per cent and the local partners 30 per cent for business match-making."

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	France-Pakistan enjoy ‘win-win’ situation, SBP governor KARACHI : Dr Ishrat Husain, Governor of the State Bank of Pakistan (SBP) said on Friday both France and Pakistan enjoyed a ‘win-win’ situation and the two countries had now to catch up with the fast moving world. "There is a win-win situation for both the countries," the governor said at a ceremony where Pakistan France Business Alliance (PFBA) signed a partnership agreement with the French Ministry of Economy, Finance and Industry (MINEFI). The agreement underlines bolstering cooperation and developing a real synergy between the respective mechanisms for French and Pakistani companies desirous of prospecting business opportunities in both the countries. Pakistan was not keeping all the eggs in one basket and trying to diversify trade and business relationship because it had plans to accelerate its growth, the governor said as he described the ceremony a ‘significant’ occasion. The accord was signed by President Amin A Hashwani on behalf of Pakistan France Business Alliance and Jean-Philippe Quercy, Economic and Commercial Counsellor, Embassy of France, on behalf of MINEFI in the presence of the Governor and Consul General of France, Jean-Yves Berthault at the French consulate. Quercy told the selected gathering: "I am confident that this agreement will go a long way in strengthening the economic cooperation between the private sectors of both the countries and pave the way for similar cooperation in other fields of activity between the two countries." He said for the last 10 years, due to various inconveniences, France and Pakistan, although being partners into an old partnership dating back to the 70’s, have been slowing down their trade and financial relations. Our two-way trade has been cut two times, the French ODA has been suspended and the last French bank left the country three months ago. "However, we are confident today that this time is over," he said and added: "The main reason being the stupendous management of Pakistan in macro economy and macro finance. In other words, the sound foundation cemented by the Ministry of Finance and the central bank have led the French authorities to define today fresh priorities in favour of Pakistan." As far as it is concerned, PFBA has been of a great assistance in helping in preparing the ground for planting new seeds. For instance, it has acted as facilitator in developing relations with MEDEF (The Confederation of French Industrialists) and today the Embassy of France is preparing a "fact-finding mission" of MEDEF probably in March 2005. PFBA has been also developing its relationship for the last six months with the Paris Chamber of Commerce and UCCIFE (Association of French chambers abroad) and now there is a Business Forum under preparation for next year under the Asia Invest programme of European Union. Consequently, today time is quite appropriate to strengthen the relations between private sectors, and the present agreement will favour such a move. To shorten a long list, Quercy mentioned in particular few of the actions the Economic Department and PFBA will undertake together under this agreement. * Communication to PFBA of the programme of events organised in Pakistan by UBIFRANCE, the French agency for international development of companies. * Promotion of their respective publications through each other’s website. * Organisation of the visits in France where the Pakistani market may be of potential interest for French exporters & investors, and look for opportunities for Pakistani companies in France. * Cooperation for inviting guest speakers from France for seminars organised by it. * Transmission to Pakistan France Business Alliance of queries from Pakistani companies concerning trade opportunities in France and from French companies looking for suppliers or subcontractors in Pakistan. * Joint action in helping Pakistani companies to participate in French fairs & exhibitions and French companies to participate in Pakistani exhibitions. Right now, I am proud to notice the participation of many French companies in IDEAS 2004. "Broadly speaking, this agreement will ensure a smooth flow of information from both sides concerning the trade and investment opportunities for the benefit of both countries’ private sectors and help in evolving modalities of concrete joint action for the promotion of trade and investment between the two countries, in particular in five priority areas namely: Industrial equipment and capital goods, chemical products, pharmaceutical and cosmetics, telecommunications and textile and leather. Joint working groups will be formed between Pakistan France Business Alliance and Economic Department for identifying trade and investment opportunities in these fields." Amin A Hashwani, President of the Pakistan France Business Alliance, said: "We at Pakistan France Business Alliance would play our part in improving the image of our country and encouraging French companies to do business in Pakistan. You would be pleased to know that our Executive Committee has approved filing candidature of PFBA for the Invest Asia Programme to avail of European Union assistance for promotion of Pak-EU trade in which the European Union Commission will contribute 70 per cent and the local partners 30 per cent for business match-making."
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