Islamabad (Commerce Desk): Pakistan and the European Union have signed three agreements worth €65 million, under which development programs will be launched to promote investment, strengthen the rule of law and improve the business environment in the country.
According to the Ministry of Economic Affairs, the agreements were signed by Secretary Economic Affairs Muhammad Hameer Karim and European Union Ambassador Raimundas Karoblis. The financial assistance will also support measures to promote energy, environmental sustainability and foreign investment.
Under the program, efforts will be made to improve the tax system and long-term fiscal planning, promote renewable energy in remote rural areas of Khyber Pakhtunkhwa and increase private investment in the energy sector.
According to the Ministry of Economic Affairs, the agreements also include measures to improve citizens’ access to justice in Khyber Pakhtunkhwa and Balochistan, while strengthening alternative and commercial dispute resolution mechanisms in Punjab and Sindh.
Secretary Economic Affairs Muhammad Hameer Karim said that the European Union’s assistance is aligned with Pakistan’s national objective of increasing foreign investment. EU Ambassador Raimundas Karoblis described the agreements as a demonstration of the European Union’s commitment to supporting Pakistan’s economic development and investment.