Over 600 Pakistani firms participated in 30 trade fairs held in Germany during the last two years. Exports to Germany, which were US $771.22 million in 2006-2007, also registered significant increase and crossed the figure of US $1 billion in 2008-2009.
Keeping in view the trends of business contacts made by the Pakistani companies that participated in recently held trade fairs of textile goods, sports goods, fruits and vegetables and carpets. "We are expecting significant increase in exports to Germany and other EU countries," this was stated by Pakistan's Ambassador to Germany Shahid A. Kamal in an interview with the Pak-German Forum Magazine.
He said that German government's decision of restoration of extending investment guarantees to German investors desirous of investing in Pakistan sent a positive signal to German companies and would encourage them to make more investments in Pakistan. "We want more German companies to come and benefit from the opportunities and potential which Pakistan's economy offers particularly in power sector, oil and gas, renewable energy, environmental technologies, infrastructure, housing, health care, education and information technologies", he maintained.
Kamal said that the visit of the Prime Minister Gilani in November-December last year provided an opportunity to enhance bilateral relations in the economic, trade and investment fields. The highlight of the visit was the signing of a new bilateral Investment Treat (BIT) to replace the old BIT of 1959. The new version of the BIT provides ample protection to the investment of investors of both the countries and this agreement will promote active partnership between the two countries in economic sector, he added.
Earlier our efforts successfully culminated when the German government agreed to refund 19 percent VAT on expenditure incurred on items relating to participation in trade fairs and business trip to Germany by the Pakistani business community. This has resulted in an estimated annual saving of Rs 100 million as well as has reduced the cost of participation in the trade fairs in Germany, he concluded.-PR
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