Pakistan, Germany to set up joint chamber

KARACHI: Pakistan and Germany will soon set up a joint chamber of commerce and industry to bolster bilateral trade and investment activities, a German diplomat said on Friday.
German Deputy Minister for Foreign Affairs Stephan Steinlein, in a meeting with the local businessmen, said businesses from both the countries have been demanding this for long.
“We have started working on this long-standing demand…and the businesses of Germany and Pakistan will soon have an organised single platform to promote their interests,” Steinlein said.
“Pakistan German Business Forum and German Pakistan Trade and Investment will be merged to form a joint chamber.”
He further said economic growth is the key to the political stability and prosperity of Pakistan.
“We are looking to increase investment in Pakistan and provide cooperation in the energy sector,” he added.
“I am convinced that the EU’s GSP (generalized scheme of preferences) plus programme will continue to boost the economy and I encourage Pakistan to implement the international treaties under the programme.”
Qazi Sajid Ali, chairman of German Pakistan Trade and Investment (GPTI) called for investment in energy and infrastructure sectors.
Ali said GPTI is compiling trade statistics to facilitate potential investors in various sectors.
He added that around 2,000 Pakistani companies are engaged with Germany in trade and investment.
He said the country’s economic fundamentals are improving.
“At the moment, it’s very easy to invest in Pakistan, with 100 percent foreign ownership and no limit on repatriation of profits, dividends or other funds in the currency of the country of origin,” he added.
“We are putting all our efforts to remove the perception that Pakistan is not good country for investment,” Ali said.
“We believe in gender equality and protect the labour rights and reputed Pakistani companies are not involved in child labour.”