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Envoy for setting up Pak-German chamber to enhance bilateral trade


3/2/2019
ISLAMABAD: German Ambassador to Pakistan, Martin Kobler on Friday while appreciating Pakistan’s steps taken for restoring business confidence and improving law and order, proposed setting up Pak-German Joint Chamber of Commerce and Investment for bolstering bilateral trade and investment ties.
 
The ambassador said this at an event “Doing Business in Pakistan” organised by German-Emirati Joint Council for Industry and Commerce (AHK) in Dubai.
 
Around three-dozen major German companies based in UAE including Audi, Volkswagen, BMW Group, Halfen, Hugo Boss, Lufthansa, PUMA, Rohde & Schwarz, Deutsche Bank, and Siemens participated in the event.
 
Ambassador Kobler in his welcome address highlighted that Germany is Pakistan’s biggest trading partner in the European Union, with trade balance in favour of Pakistan. He appreciated the steps taken by the new government for restoring businessmen confidence in Pakistan and the improved law and order situation in the country.
 
On questions by the German businessmen related to repatriation of profits, travel advisory and investor facilitation, Ambassador Kobler and representative of Siemens and Deutsche Bank informed that the law and order situation has considerably improved and international tourists as well as businessmen have started coming to Pakistan.
 
Minister of State and Chairman Board of Investment (BoI) Pakistan Haroon Sharif promised to further ease the profit repatriation process to facilitate the businesses.
 
AHK CEO Felix Neugart gave a brief insight into the recent developments in Pakistan, especially with reference to tremendous investment and business opportunities in Pakistan being the sixth largest country in the world, having more than 50 percent youth bulge, abundantly blessed with natural resources, sound manufacturing base, and well developed agriculture and services sector.
 
Haroon Sharif in his keynote address appreciated the efforts of AHK and German businessmen in promoting business and investment in Pakistan, and updated the participants about various initiatives taken by the present government to improve investment and businesses in Pakistan.
 
He informed that massive changes have been introduced in the visa regime and government was planning to launch e-visa facility for a limited number of countries in the coming month.
 
“Besides this, the government is making efforts to improve taxation system, cutting down bureaucratic hurdles in setting up businesses, evolve mechanism for early resolution of commercial and investment disputes and a country specific one-window operation for facilitating businesses and investors,” Sharif added.
 
He encouraged German companies to invest in Pakistan, especially in Alternate Energy; Agro-based Food Processing, Hospitality and Tourism and Emerging Technologies.
 
Haroon informed that there were seven special economic zones (SEZs) already operational in Pakistan and nine such zones were in the pipeline to attract investment in the industrial sector of Pakistan. He quoted the prime minister's resolve to make Pakistan an investor friendly destination where people can make money, and urged German investors to take maximum advantage out of this opportunity.
 
Meanwhile, on the sidelines of the conference, BOI chairman also met with Sultan Ahmed bin Sulayem, CEO of DP World, to discuss the investment opportunities in Pakistan.
 
CEO DP World showed keen interest to invest in development of ports and free zones in Pakistan. DP World is a global port operator that was founded in 2005 by a merger of Dubai Ports Authority and Dubai Ports International.
 
Source: The News