The German Ambassador Dr Cyrill Nunn said that in four weeks' time Pakistan will be able to benefit from preferential trade arrangement that would allow low-tariff exports to the European Union. He was speaking at the Lahore Chamber of Commerce and Industry on Wednesday. First Economic Affairs Officer of German Embassy Sami Saadi was also present on the occasion.
He said that Pakistan was all set to qualify for the GSP Plus status early next year that would pave way for duty-free access to EU markets. Dr Cyrill Nunn said that a German business delegation would visit Pakistan in November to evaluate business opportunities in this part of the world. He said that Pakistani companies those in textile sector should benefit from the opportunities ensuing GSP status.
The Ambassador said that German government is ready to provide all necessary help to the German investors for investment in Pakistan. He said that there are vast prospects of mutual co-operation between the two countries and trade relations can be further strengthened. He said that Pakistan has a young population that makes it an attractive market for consumer goods. Dr Cyrill Nunn said that German companies are pinning high hopes on trade normalisation process between Pakistan and India while some of the companies are planning to make Pakistan a base for exports to India. "Improved Pak-India trade relations are in the benefit of Pakistan itself."
Speaking on the occasion, the LCCI President Irfan Qaiser Sheikh said that Pakistan offers a great potential for foreign investment. It has a strategic location with abundant raw materials. Any investment made in Pakistan will automatically find its way to the regional countries which goes to the extent of Central Asian States. The LCCI President said that Pakistan, today, is severely hit by a horrifying energy crisis that has badly affected its industrial sector. "We have never been as much in need for renewable energy sources as today. Germany is meeting its energy needs by vastly using wind technology and solar electricity systems installed all across the country in addition to hydro resources. Pakistan presents a huge scope for German investors to set up projects of producing alternate energy."
The LCCI President said that other important sectors where German investors can benefit a lot are telecommunications, oil and gas exploration, food and food processing, cold chain system, agriculture tractors and machinery, dairy processing and equipment, engineering and services. Moreover, Pakistan largely produces the finest quality of fresh fruits and vegetables, leather goods, fish, textile products, readymade garments, bed linen, etc. These products can find good markets in the member countries of European Union that surround Germany. Apart from trade and investment, the other area where Pakistan can benefit from German experience of economic growth is organising international fairs and exhibitions. Germany has acquired the status of a world leader in this connection.
"We appreciate that the German skill development institutions like GIZ has been quite active in passing on technical knowledge to the Pakistani industry. On the same pattern, we would like to expand this co-operation in the field of Human Resource Development. Considering the educated youth of Pakistan, Germany can establish more such institutes here to train them to fulfil the manpower requirement of their own country at many competitive rates," he said.
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