March 9, 2003	Sunday	Muharram 5, 1424

KARACHI, March 8: Appreciating France for siding with those who could not raise voice, the governor State Bank Dr Ishrat Hussain has called for closer technological cooperation between Pakistan and France.

Speaking as a chief guest at the Pakistan-France Trade Performance Awards 2002, ceremony organized by Pakistan-France Business Alliance (PFBA) here on Friday evening the governor said big scope exists for promotion of trade between the two countries.

Dr Ishrat Hussain said that during his posting in African state, he witnessed France close cooperation and assistance for least developed African nations. He said French were not only known as industrialized and developed nation but they are also known as centre of European culture.

He urged Pakistani and French entrepreneurs to develop close trade relations and enter into partnerships, joint ventures for mutual interest of both the countries.

The governor said that foreign investment in Pakistan was safe and history showed it had never hindered repatriation of investment. He said even during nationalization era of early 70s the foreign investment was not touched. Similarly, he said when the country was faced with foreign reserves crisis in 2000, not only the repatriation of foreign investment was allowed, it was not delayed even a single day.

Dr Ishrat Hussain urged France to give greater market access to Pakistani products as it would help both the sides to increase trade volume.

He said Pakistan was a great nation of 145 million people and it did not need loans or grants but requires proper market access by developed countries.

The WTO regime, he said, should be balanced to protect the interest of the developing nations and only then the developed nations could also ensure their survival as this will promote two-way prosperity, which is essential for any meaningful and sustainable relations.

French Consul General and patron of Karachi chapter of PFBA, Georges Dupuis speaking on the occasion said France, as president of the Paris Club, has played a major role in the betterment of the economic and financial situation of Pakistan by facilitating rescheduling of 12.5 billion euro debt in December 2001. France contributes 1.7 billion euros to this restructuing.

He said French investors have shown keen interest in Pakistan privatization and direct investments. French companies are particularly eager to strengthen their presence in sectors like food processing, information technology, environmental technologies, oil and gas sectors, he added.

Dupuis said French groups are also interested in participating the privatization programme launched by the Pakistani government and ventures with Pakistani businessmen. He said 33 French companies were doing business in Pakistan, employing nearly 2,500 persons.

He further said that some very encouraging developments in our bilateral economic relations have taken place in a recent past as D L Nash was the very first Pakistan-French medium size joint venture between Nash International from Pakistan and Duquennoy et Lepers from France. As a result of this, he said now a Pak-French brand of bedlinen was available all over the world.

Later, the governor, State Bank, Dr Ishrat Hussain distributed awards for outstanding performance among Pakistani manufacturers and exporters and importers from France.

In export the first three outstanding exporters were Mohammad Farooq Textile, Mahr Garments, Kam International. Special award was given to Elmed Instruments, Joe’s Fashion Export and Redskins. Special distinction awards were given to Gul Ahmed and D L & Nash, they also qualified for export performance award.