German companies invited to invest in Pakistan

ISLAMABAD: Pakistan being becoming the logistic hub and favourable investment destination after the China-Pakistan Economic Corridor (CPEC), Islamabad on Thursday invited German companies to invest in its various sectors including renewable energy, information technology, food & dairy and services.

Pakistan is the gateway to western China after the launch of CPEC and is the logistic hub. Economic partnership between Pakistan and Germany is showing positive trends in the recent years however, needs further strengthening, Minister of State/Chairman, Board of Investment Haroon Sharif said while welcoming delegation of German companies at Pakistan-Germany Investment Form held here on Thursday.

A large German business delegation from the Bavarian Ministry of Economy, Energy & Technology and German Federal Chamber of Commerce & Industries participated. The delegation comprises of around 40 companies including two officials of the Bavarian Ministry and one from the German chamber.

The German companies include sectors encompassing Special Economic Zones (SEZs), electronics, aerospace, industrial plants, consultancy, retail, information technology, fintech, dairy, energy, financial sector, technology, education, healthcare, renewable energy, trade and social sector.

Pakistan’s Honorary Consul, Dr. Pantelis Poetis, from the Bavarian region accompanied the delegation for coordination, while, Dr Ulrich Rieger, Head of Asia & Africa from the Bavarian Ministry of Economy, Energy & Technology led the delegation.

Haroon Sharif while speaking about the investment climate, he emphasised that Pakistan is open for business and all investors are welcome to take benefit in particular from the opportunities that lies in large consumer market where average age of 100 million of Pakistan’s population is below 35.

Pakistan is also the gateway to western China after the launch of CPEC and is the logistic hub. The prominent sectors in Pakistan for investment are renewable energy, information technology, food & dairy and services. In addition to the financial investments the chairman, BoI emphasised in tapping the opportunities, partnerships and other prospects.

Abdur Razzak Dawood, the Adviser on Commerce, Textile, Industries & Production and Investment stressed that Pakistan is dealing with macroeconomic challenges successfully. All these advantages coupled with a friendly investment policy offers ideal opportunities for investment in Pakistan and the issues also presents an opportunity.

The security situation in Pakistan has significantly improved. The adviser also recognised that fact regarding Germany’s unwavering support for Pakistan for GSP+ in the EU market and urged further enhancing the exports of Pakistan as well as the German delegation to explore business opportunities during their visit to information technology incubation centers where young entrepreneurs are engaged with generating new ideas.

Project Director, China Pakistan Economic Corridor, Ministry of Planning, Development & Reforms made a detailed presentation on the opportunities available in CPEC and informed that CPEC is open for partnership with other economies of the world while recognising the German strength in manufacturing and technology. Presentations were also made by Ministry of Information Technology & Telecommunication, Ministry of National Health Services & Regulations, Ministry of Industries & Production, Ministry of Energy (Petroleum Division), Ministry of Commerce, Punjab Information Technology Board, Alternate Energy Development Board and Private Power Infrastructure Board covering the opportunities as well as briefing the participants regarding the policies in the relevant sectors.