KARACHI, Jan 22: Ambassador of France Daniel Jouanneau has said that more French companies are interested to invest in Pakistan.

He hinted that two leading French groups Hyperstar and Total are implementing or considering new investments.

He said Hyperstar had already opened a hyper market in Lahore in which only 700 items were imported out of total range of 36,000 items indicating that local products were being promoted.

“Another Hypermarket will be opened shortly in Karachi,” the French envoy added.

Speaking at the Pakistan-France Trade Performance Awards 2009-2010 organised by the Pakistan France Business Alliance (PFBA) on Friday night, Mr Daniel said security situation was a major challenge for French and other companies to pursue their activities in Pakistan.

“Irrespective of these challenges France is looking forward for more trade with Pakistan,” he added.

Despite all odds, he said 2010 was the fantastic year. Exports to Pakistan had declined compared to 2009.

France had imported more and more from Pakistan and as a result the trade surplus had remained in favour of Pakistan. The two way trade between the two countries had touched one billion euros.

He said the French government had not objected to further upon opening the European Union market to Pakistan exports, in spite of big challenges the EU textile industry was going through.

Pakistan enjoys 17 per cent share in France's textile market.

The ambassador said France was also cooperating in energy and water projects. French technology would help a cleaner and in some cases drinkable water in large cities.

In energy, France would contribute to enhance power generation capacity through building or upgrading hydro-power stations, he said.

He did not agree that the international community was not providing sufficient financial help to Pakistan.

He added that at the Tokyo Conference of Friends of Democratic Pakistan held in April 2009, France had pledged 300 million euros in three years. After one and a half years 73 per cent of this pledge had been fulfilled and delivered.

On giving Generalised System of Preference (GSP) plus status, he asked Pakistan to meet the conditions in order to become eligible for GSP plus.

President Pakistan France Business Alliance Jamil Hamdani and Senior Vice-President Saeed Allawala also spoke on the occasion. Later awards were distributed to various companies.