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News Line
German Businessmen Keen to Enhance Investment

KARACHI: German businessmen are eager to explore investment and joint-venture opportunities in trade and industry of Pakistan, a foreign official said on Tuesday. “There is a great potential to enhance bilateral trade and we must use this potential,” Ulrich Rieger, a senior ministerial consul from Bavarian State’s Ministry of Economic Affairs said at a meeting with the officials of Karachi Chamber of Commerce and Industry (KCCI).

Rieger was leading a 32-member German delegation, which visited after two decades, to discuss trade and investment opportunities. “We have observed that Pakistani businessmen are very active and innovative all over the world and also in Germany,” a statement quoted Rieger as saying.

The ministerial consul said Pakistan with a huge population of 220 million can offer a lot to Bavarian businessmen and investors “therefore we decided to visit this country”.

“The German business delegation is here to look for cooperation, new business ideas which is our main interest and they will also be happy to cooperate in transfer of technology,” Rieger said. “One of the secrets behind success of Bavaria has been the vocational training and development of SMEs (small and medium enterprises). We can support Pakistan with vocational training.”

Honorary Consul for Pakistan in Bavaria Pantelis Christian Poetis said they want to see the industries and economies of both the countries to be as prosperous as possible and “that’s why we are here for cooperation and we are here for networking”.

President KCCI Junaid Esmail Makda said Karachi, which is the economic and financial hub of Pakistan, offers profitable investment opportunities and facilities for trade, investment and joint ventures to German business and industrial community.

Makda said the region is likely to attract substantial foreign investment from different parts of the world after completion of China-Pakistan Economic Corridor and Gwadar port. “German business community can also benefit from the situation by investing or undertaking joint ventures in Pakistan, particularly in Karachi.”

KCCI president said trade between Pakistan and Germany significantly improved in the last decade. In 2017, Pakistan exported merchandise worth $1.87 billion to Germany as against $1.68 billion in 2016, showing growth of 12 percent. Pakistan’s imports from Germany rose five percent to $1.36 billion during the year. Makda said German programs like BFZ’s Espire Project by Bavarian Employers Association and GIZ Asia Social and Labor Standards in textile and garment sector proved instrumental in capacity building of industries and organisations.

“Such collaborations and cooperation should further be strengthened,” he added. “There is a substantial room available for Pakistani products like halal foodstuff, dairy products, textiles, cotton, which can be exported to Germany while Pakistani industries can greatly benefit from German technological advancements.”

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