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The importance of private sector widely recognised in the development of any country. The private sector is highly diverse, ranging from individual enterprises to large multinational corporations & financial institutions; people-centred social businesses, cooperatives, workers & employers organisations. They may operate at a local, national, regional or international level, in rural or urban areas, in the formal or informal sector and in very different country contexts. Given the private sector’s potential for generating inclusive and sustainable growth in developing countries, Poverty reduction cannot sustainably be generated by public actors only and requires efforts from private sector as well.
PRIVATE SECTOR DEVELOPMENT IN PAKISTAN
The private sector in Pakistan is considered as very vibrant but its real potentials still remained under-utilised due to various constraints. This requires concentrated efforts to remove the obstacles faced by the private sector, including the national level issues related to energy shortage, security, labour skills, slow and costly judicial procedures and macroeconomic instability.
|DATA ABOUT SECTOR||The unemployment rate in Pakistan is 6%: 3.58 million people remaining unemployed despite being able and willing to work.
For the young, the figure stands at 8%. The situation becomes worse because the growth rate and the population evolution are not proportionate: with today's population growth of 2% and the economy growing at 4%, one million jobs need to be created annually to fill the gap. This can only be done through the private sector.
Pakistan ranks in the top 50 in the World Bank’s Ease of Doing Business Rankings.
| THIS SECTOR FOR
|The EU support related to Trade and Private Sector Development in third countries is embedded in the wider objectives of EU external policies, in particular, 1) Development Policy, 2) Neighbourhood policy, 3) Trade Policy (wider agenda).
In 2014, the Commission issued a Communication on "A Stronger Role of the Private Sector in Achieving Inclusive and Sustainable Growth in Developing Countries" this communication proposes a strategic framework for strengthening the role of the private sector in achieving inclusive and sustainable growth.
The regional programme SWITCH ASIA is an excellent example of engaging private sector in Pakistan and across Asia.
This links the "New EU consensus for development" and "Agenda 2030", goals 1, 8 and 17.
| THIS SECTOR FOR
THE EU IN PAKISTAN
|Within the EU Multiannual Indicative Plan (MIP) 2014-2020, the private sector is indirectly linked within the Focal sector "Rural Development": one of its objectives is to improve rural livelihoods by creating employment opportunities through facilitation of small and medium-sized enterprises development.
The EU expects to create opportunities in rural areas to improve livelihoods and to obtain more and better jobs.
| CONTACT PERSON
|Roshan ARA, Michele RIZZI|
|Provinces of Intervention|
|NATIONAL / FEDERAL||
|ProvincesGrand Total € 14,701,133||Implementers Grand Total € 14,701,133|
|The European Union (EU) unites European countries politically and economically for securing lasting peace and prosperity. Respect and partnership are key elements for cooperation programmes between the EU and other countries.
It contributes to poverty reduction, political stability, and social and economic development, promoting a more prosperous Pakistan for everyone's benefit.
Together with the bilateral funds provided by its member countries, the EU is the largest grant donor to Pakistan.
|EUROPEAN UNION IN PAKISTAN
House # 9, Street # 88, G-6/3, Islamabad, Pakistan.
Tel: + 92 51 2271828, Fax: + 92 51 2822604