French envoy shows concern on security situation
By Asad Cheema

ISLAMABAD—President Islamabad Chamber of Commerce & Industry Muhammad Ijaz Abbasi, while visiting H.E.Mr.Ragis De Belenet, Ambassador of France to Pakistan said that both countries enjoy very good trade and economic relations, which should be further strengthened.
President ICCI said that Pakistan ’s trade with France has increased from US$ 499.221 million in 2003-04 to US$ 764.86 million in 2006-07, i.e. by 53.21% during the last four years, which is a positive sign of growing trade and economic relations. He said that Pakistan had a favorable balance of trade with France till 2004-05 but thereafter it became negative mainly due to increased import of machinery, aircrafts & their parts. He added that Pakistan ’s exports, after registering growth till 2004-05 declined by 8.4% in 2005-06 but exports have however registered marginal increase of 2.9% in 2006-07. Muhammad Ijaz Abbasi said that total FDI from French multinationals companies has remained very low but they have established important subsidiaries in Pakistan like Rhone-Poulenc and Roussel-Uclaf, the two French major brands in chemicals and pharmaceuticals. He said that Danone, the French agro business giant has a joint venture in Sukkur, producing LU Biscuits and Alcatel is a manufacturer and supplier of PTCL for digital switches. He invited French businessmen to come and invest in Pakistan .
President ICCI said that there is great scope for joint ventures with France , particularly in the area of high technology, which includes telecommunications, nuclear power, chemicals, automobiles, ship building and so on. He said that that development projects in the infrastructure like mass transit programme in various big cities of Pakistan , railways, port development and electronics as well as the agro-based sector are areas where despite abundant resources and raw-material, value-addition is negligible and therefore can prove to be potential investment zones for French companies.
H.E.Mr.Ragis De Belenet, Ambassador of France showed great concern on the security situation in Pakistan . He emphasized that government should take measures for improving security to encourage the foreign investors.