Pakistan invites German businesses to invest in agriculture, energy

ISLAMABAD: Pakistan on Thursday invited companies based in Germany for making investments in fields of health, education, agriculture and power sector in the country and assured them of support and facilitation in improving the bilateral trade and economic relations.

In a meeting with the Ambassador of the Federal Republic of Germany, Minister for Finance and Revenue Shaukat Tarin said Pakistan and Germany enjoy close, amicable and multidimensional relations over the years.

“Both countries are keen to further strengthen business and economic linkages as well as people-to-people contact between the two countries,” Tarin said.

China is financing multi-billion dollar infrastructure development projects in Pakistan and thousands of megawatts are added to the grid. The government is inviting investments from abroad in agriculture and industrial developments, including special economic zones planned under the China-Pakistan Economic Corridor projects.

The finance minister said the government is firmly committed to putting the country on a trajectory of all-inclusive and sustainable economic growth.

“To attain this, the government has revived the long-term planning process under the umbrella of the Economic Advisory Council (EAC) which will formulate short, medium- and long-term plans to spur growth in key priority areas,” he said.

“The focus will be on reducing poverty, he stressed. The Government also stands committed to revive the business and industry that has been hit hard amid COVID-19.”

The ultimate focus of the government is employment generation, efficient resource mobilisation, and industrial growth, he added.

The minister said the government is vigorously pursuing pro-people agenda to promote economic empowerment of the under-privileged women through Ehsaas safety net. Ehsaas provides direct cash support for socio-economic uplift and financial inclusion of women from marginalized sections of the society.

The government will also offer loans to young entrepreneurs for self-employment schemes under Kamyab Pakistan Program which will be launched soon. It will also extend credit facility to young farmers to promote youth engagement and to boost agricultural productivity. This will usher in a new era of agro-based industrial progress in the country, he added.

Pakistan’s exports to Germany increased to $1.4 billion in the first 11 months of the current fiscal year compared to $1.2 billion in the corresponding period a year earlier, according to the State Bank of Pakistan (SBP). Imports rose to $1 billion in July-May FY2021 from $$868.4 million in the corresponding period a year earlier.