Pakistan News

PM proposes trade chamber with Germany

PM proposes trade chamber with Germany

ISLAMABAD: Vowing to enhance economic ties with Germany, Prime Minister Nawaz Sharif proposed on Thursday the establishment of a bilateral chamber of commerce.

Talking to Dr Gerd Muller, German federal minister for economic cooperation and development, the prime minister said the two countries enjoy friendly relations.

Mr Sharif told the German minister that Pakistan’s economy is showing visible improvement as the security situation is far better than it was four years ago. “Our emerging democratic character is evident from the handling of all political issues by my government in accordance with the democratic principles and law,” the prime minister said.

The German minister thanked Mr Sharif for the warm hospitality extended to his delegation in Pakistan. He vowed to further strengthen cooperation with Pakistan in a number of fields.

The visiting delegation includes German Ambassador Ina Lepel, BMZ Director General Dr Bernhard Felmberg and Head of Cooperation Dr Zoll Juergen.

Finance Minister Ishaq Dar and Special Assistant to Prime Minister on Foreign Affairs Tariq Fatemi also attended the meeting.

Separately, Mr Dar met Dr Muller to discuss matters of mutual interest. In his meeting with the German minister, Mr Dar highlighted the historic ties between Pakistan and Germany while appreciating the German government for supporting various development projects in Pakistan.

In particular, he showed appreciation for the recent equity participation by a German development bank, KfW, in the Pakistan Microfinance Investment Com­pany (PMIC).

Having achieved macroeconomic stability in Pakistan, the government is now focused on attaining higher, sustainable and inclusive economic growth, Mr Dar said.

He said Pakistan is focused on the promotion of financial and digital inclusion in the country. Pakistan has a liberal investment regime, he said, while inviting German companies to invest in the country, particularly in the automotive and photovoltaic (PV) cell sectors. He said German companies should explore the opportunities available in the Special Economic Zones (SEZs).

The German minister acknowledged Pakistan’s economic success over the last three and a half years. He appreciated Pakistan’s efforts to overcome the challenges of terrorism and extremism.

He said that Germany is going to continue its economic and development initiatives in Pakistan. The German minister invited Mr Dar to his country for meeting European business leaders to promote investment in Pakistan.

Following the meeting, Pakistan and Germany signed a Joint Declaration of Intent (JDI) that aims to strengthen development cooperation between the two countries.

The JDI, signed between the Ministry of Finance and the German Ministry for Economic Cooperation and Development, focuses on three areas: governance, energy and sustainable economic development.

The volume of funds for bilateral development cooperation between Germany and Pakistan is expected to reach 109 million euros in 2017 and 2018.

Published in Dawn, April 7th, 2017

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