LAHORE, Dec 12: With the revival of democracy and installation of an elected government, Pakistan has better chances to attract foreign investment.

This was stated by French ambassador to Pakistan Yannick Gerard while speaking to businessmen at the Lahore Chamber of Commerce and Industry on Thursday. “The new situation is more favourable for foreign investment in this country,” he said.

The envoy praised the structural reforms carried out by the military government, saying these reforms had helped Pakistan’s economy perform better than other economies in difficult days of the world economy. He said rescheduling of loans by the Paris Club had also left a salutary effect on the economy and provided relief to the country.

He said the economies of all the countries around the globe had faced difficult and challenging times during the last one year or so. But, he said, Pakistan’s economy had shown greater resilience in the face of these problems.

He said the increase in textile quota by the EU had helped Pakistan raise its textile exports by $1 billion during the last one year.

He also hailed Pakistan for respecting the world trade regulations as an active member of the World Trade Organization.

The envoy said the volume of trade between Pakistan and France had decreased last year due to the international scenario. Pakistan could increase its exports of oranges and mangoes to the EU if exporters form an association to deal with the European countries, he said.

He praised the role played by Pakistan in the international war against terrorism.