The inaugural EU-Pakistan Business Forum is set to take place in Islamabad from May 14-15 to enhance economic cooperation, according to a joint announcement by the government and European Union delegation on Tuesday.

The EU is the largest single market in the world and the largest destination for Pakistani ex-ports. The EU is also the world’s largest foreign investor representing 42 per cent of outward foreign direct investment globally.

Earlier this month, Prime Minister Shehbaz Sharif reaffirmed Pakistan’s desire to further strengthen its cooperative partnership with the EU and welcomed the convening of the business forum.

“With a rapidly growing market of over 240 million people, competitive labour costs, strategic geographical access to Central and South Asia and a preferential trade access to the EU, Pakistan offers immense business opportunities,” the joint statement read.

The forum will bring together high-level policy makers — including the prime minister, ministers for finance and commerce — business leaders and CEOs from Pakistan and Europe, financial institutions such as the European Investment Bank, investors and other key stakeholders.

During the two day forum, Pakistan’s potential, innovation and best practices in key sectors (including agribusiness, energy and renewables, green logistics, pharmaceuticals, IT and textiles) will be showcased.

EU Ambassador Dr Riina Kionka said, “European companies are recognising Pakistan as a potential business destination. This forum serves as a vital platform to strengthen collaboration between European and Pakistani businesses, deepens bilateral trade, and explores new avenues for economic partnership.

“It also is an opportunity for Pakistan to benefit from the opportunities of Global Gateway”.

Besides dedicated Business-to-Business and Business-to-Government meetings, engaging discussions, dedicated exhibitions, the forum will also mark the launch of the EU-Pakistan Business Network — which will group together the 300 plus European companies active in Pakistan.

“The forum marks a crucial step in reinforcing the economic ties between Pakistan and the EU in the spirit of ‘Stronger Together’, paving the way for enhanced collaboration and mutual prosperity,” the statement read.