EU Investors Want To Set Up Large-scale Industries In Pakistan For Technology Transfer: EU Envoy

European Union (EU) investors are considering to set up large-scale industries in Pakistan for technology transfer

FAISALABAD, (UrduPoint / Pakistan Point News - 17th Feb, 2021 ) :European Union (EU) investors are considering to set up large-scale industries in Pakistan for technology transfer.

This was stated by EU Ambassador Ms. Androulla Kaminara while addressing a meeting of business community at Faisalabad Chamber of Commerce & Industry (FCCI) here on Wednesday.

She lauded the government's policies and strategy for increasing economic activity in Pakistan despite corona pandemic and said that European Union was providing 45 million Euros for the development of skilled manpower in Pakistan, which would gradually lead to the production of high-tech products in Pakistan.

She said that European Union was also providing a lot of incentives to Pakistani scholars and students for research projects. Last year, Pakistan was the third largest beneficiary of educational scholarships from European countries, she added.

She said that academic ties at university level were also being strengthened and in this connection, students were also being sent to EU for higher education and practical training after completion of their Primary technical education in Pakistan.

Earlier, FCCI President Engineer Ehtesham Javed said that 80 percent textile machinery in Pakistan was being imported from European countries but now it was need of the hour to start manufacturing of this machinery in Pakistan.

European investors in Allama Iqbal Special Economic Zone should start machinery manufacturing projects under joint ventures, he suggested.

He further said the government was considering extending the period of tax holiday incentives up to ten years in order to restore the confidence of foreign investors while one-window facility was also being provided in M-3 Industrial City, after which the foreign investors would not have to contact various departments to get NOC.

He also highlighted the importance of technical education and said that the EU should take practical steps for technology transfer under a systematic strategy.

Regarding Kashmir issue, FCCI Chief said that this conflict posed a serious threat to peace in the region. Therefore, the EU must pressurize India to resolve this issue in accordance with international law and UN resolutions, he added.

Later, FCCI memento was also presented to EU Ambassador Ms. Androulla Kaminara.