The EU and Pakistan have finalized a €20 million agreement to enhance governance and improve the business environment.
On Friday, Pakistan and the European Union (EU) executed a €20 million grant agreement to initiate the “Better Governance and Business Environment” initiative, reaffirming their mutual dedication to sustainable and inclusive economic development.
The accord was executed by the EU Ambassador to Pakistan, Dr. Riina Kionka, and the Secretary of the Economic Affairs Division, Dr. Kazim Niaz. Supported by the EU’s Multiannual Indicative Programme 2021-2027, the initiative seeks to bolster the competitiveness of Pakistan’s private sector, specifically targeting small and medium-sized enterprises (SMEs), including those owned by or benefiting women.
The program will enhance legislation pertaining to SMEs, assist the green transition of export-oriented enterprises, enable targeted green investments, and foster public-private dialogue. It is consistent with the EU’s Global Gateway strategy, GSP+ obligations, and the EU Green Deal, fostering intelligent, sustainable investment and robust value chains.
Dr. Niaz expressed gratitude for the EU’s ongoing support and collaboration. He underscored the promptness of the intervention, accentuating its robust alignment with Uraan Pakistan’s objectives for private sector advancement and institutional reform to entice responsible investment.
Ambassador Dr. Kionka asserted, “This agreement highlights the EU’s dedication to assisting Pakistan in developing a robust, inclusive, and competitive economy.” We are allocating resources to green innovation, women-led enterprises, and public-private collaborations to secure a more sustainable future for all citizens of Pakistan.
The European Union’s development cooperation with Pakistan prioritizes climate resilience, governance, human rights, and sustainable economic advancement. This new initiative represents a further advancement in promoting these common priorities.
