Pakistan, Germany sign accord for sustainable economic development

ISLAMABAD: Pakistan and Germany on Thursday signed a joint declaration to strengthen bilateral cooperation in the fields of governance, energy and sustainable economic development. 

“The volume of bilateral development cooperation could reach up to €109 (euro) million for the two year period 2017-18,” a statement said. The joint declaration followed a meeting between finance minister Ishaq Dar and visiting German federal minister for economic cooperation and development Gerd Muller.  Both reaffirmed the mutual commitment to further enhance and strengthen bilateral relations in existing and new areas.

Minister Dar said Pakistan has a liberal investment regime. He invited German companies to invest in Pakistan, particularly in the automotive and solar photovoltaic sectors. “German companies should explore the possibility of benefitting from the opportunities available in the special economic zones, being established in Pakistan,” he said in the statement.

The finance minister appreciated the cooperation and support of the Germany for various development projects in Pakistan, including the recent equity participation by German development bank, KfW, in the Pakistan Microfinance Investment Company. 

He said the government is now focused on attaining higher, sustainable and inclusive economic growth after having achieved macroeconomic stability in Pakistan. “Pakistan is focused on the promotion of financial and digital inclusion in the country.” 

The government is implementing IT Park project in Islamabad with loan assistance from Korean Exim Bank.  The German Minister acknowledged Pakistan’s economic success story over the last three and a half years.   He said Germany is focused on continuing its economic and development initiatives in Pakistan. 

Muller offered Germany’s technical and research assistance for development projects in Pakistan, including technical support in the agriculture sector to achieve higher yields. He invited the finance minister to Germany to meet with the business leaders to promote the investment and business opportunities in Pakistan.