Islamabad: The Strategic Investment Facilitation Council (SIFC) has reported a significant increase in the demand for Pakistani goods in Europe, as exports have risen by 9.4%. This growth is largely attributed to the extension of Pakistan’s ‘GSP plus’ status by the European Parliament until 2027, granting the country duty-free access to European markets.

Exports to Western Europe have seen an 11.6% increase, while Northern Europe has experienced a 17.7% rise. This expansion signals a renewed confidence in Pakistani industries, with countries like Italy, Greece, and Spain boosting their imports from the South Asian nation.

The surge in exports is primarily driven by the growing demand for Pakistani textiles and garments, a sector that has benefited significantly from the ‘GSP plus’ status. This status provides developing countries with preferential access to the European market, allowing them to export without duties and taxes.

SIFC’s policies have been effective in attracting investment into key industries, contributing to Pakistan’s ongoing economic growth. The council’s efforts have played a pivotal role in enhancing the country’s export profile and strengthening its trade ties with Europe.

Overall, the increase in exports reflects a positive development for Pakistan’s economy, indicating the potential for sustained growth and stability in the coming years.