Islamabad, 13 Oct 2023: In a meeting laden with strategic and economic significance, His Excellency Nicolas Galey, the French Ambassador to Pakistan, engaged in an insightful dialogue with Pakistan’s Minister for Privatisation, Fawad Hasan Fawad, according to a press release by PID. The discussions encompassed a sincere recognition and appreciation of the sustained bilateral relations between France and Pakistan, while also exploring pathways to broaden collaborative efforts across vital sectors, such as education, agriculture, and holistic economic cooperation.
Ambassador Galey articulated a keen interest in understanding Pakistan’s Privatisation strategy, prompting Federal Minister Fawad Hasan Fawad to present an extensive overview of the country’s Privatisation plan. In a reciprocal gesture, Ambassador Galey offered noteworthy suggestions pertaining to French advisory services, as well as identifying potential French firms and corporations that might be viable participants in Pakistan’s initiatives.
The discussion delved into specifics when Minister Fawad elucidated the Privatisation strategy for the Distribution Companies (DISCOs). He outlined a phased methodology for DISCOs’ Privatisation, hinged on a concession model. The initial phase is set to involve the transfer of management control, with an optional share purchase. Subsequently, the second phase will see a public offering of additional shares upon meeting predefined benchmarks.
Ambassador Galey signaled France’s robust interest in fostering collaboration and investment across multifaceted sectors. He spotlighted domains where French enterprises have already established a significant presence, notably within the automotive and retail sectors. The dialogues within the meeting underscored a mutual and steadfast commitment between Pakistan and France to amplify their strategic partnership, embarking upon new avenues for economic and cultural exchanges.