KARACHI, May 5: The European Union (EU) has launched a fund — Asia-Invest II (2003-2007) — for the promotion of business cooperation with small and medium enterprises (SMEs) from Asian countries.

The European Commission (EC) funded, ‘Asia Invest II’ aims at promoting cooperation between EU member states and Asian countries through business to business matchmaking opportunities, partnership-building and capacity strengthening activities.

The programme also allows funding in networking and dialogue exchange between authorities and the private sector for increasing awareness about business potential between the EU and Asia.

The main beneficiaries of the programme are economic operators in Asia, mainly small and medium enterprises (SMEs).

According to a message circulated by the FPCCI among trade bodies, the fund could be used for facilitating opportunities for partnerships between SMEs in the EU members states and Asia.

It would assist in enhancing Asian private sector development and the capacity for an international business strategy.