France main FDI contributor, says French diplomat

France is one of the main contributors of foreign direct investment (FDI) in Pakistan and will continue its support in future, said French Embassy Economic Counsellor Dominique Simon.

Meeting office-bearers of the Lahore Chamber of Commerce and Industry (LCCI) on Saturday, the envoy revealed that a French company - a leading global player in gas turbines - had invested around $1 billion in two power plants for energy production in Balochistan.

Moreover, another France-based company has recently signed an agreement with the National Transmission and Despatch Company (NTDC) for the installation of high-voltage lines. “Loreal also has a production plant in Pakistan,” he said.

The French Development Agency had signed contracts for the improvement of Lahore and Taxila Museums, Simon said, adding that the European country also supported Pakistan for the restructuring of around $6 billion debt through the Paris Club.

He requested members of the Lahore Chamber to directly contact him in case of any trade-related disputes with their French counterparts.

The envoy highlighted that business activities were normalising after the Covid-19 pandemic.

France had appointed a new ambassador to Pakistan, who would be taking charge in the near future, he revealed, adding that Pakistan was also in the process of sending a new envoy to Paris.

He underlined that France had always supported Pakistan in winning the GSP Plus status and appreciated efforts of the government for complying with the GSP conventions.

LCCI President Mian Nauman Kabir, Vice President Haris Ateeq and former president Malik Tahir Javed also spoke on the occasion.

Published in The Express Tribune, November 14^th, 2021.

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