EU announces 150 million euro package to promote trade

Ambassador of Federal Republic of Germany to Pakistan Dr Cyrill Nunn has said that European Union (EU) has announced a package for Pakistan for the promotion of trade and allow access to Pakistani textile products globally. The volume of this package is about 150 million euros.
Addressing the members of Sialkot Chamber of Commerce and Industry (SCCI) and Chairmen of Trade Bodies here on Tuesday, he said Germany was making adequate efforts for further strengthening the trade ties and enhance the volume of bilateral trade between Germany and Pakistan. "We understand that trade is better than aid and efforts are being made to enhance trade between the two countries," he said.
The Ambassador said trade was best mode for developing relations with foreign countries, adding that power producing of German companies were already working in Pakistan and had signed a memorandum of understanding (MoU) with Punjab government. According to trade data, there was an increase of 10 percent in exports of Pakistan whereas 3.3 percent of trade was increased in the world, he disclosed and pointed out that security, rule of law and energy were essential for ensuring foreign investment.
In his address of welcome, SCCI President Sheikh Abdul Majid said Germany was the fourth largest trading partner of Pakistan and "we are keen to see more Germany investment in all sectors of economy." German companies were showing interest in Pakistani market especially in energy and infrastructure sectors which was most encouraging and healthy sign for Pakistan economy, he said.
The SCCI President said Pakistan was facing severe power crisis which seemed difficult to overcome, adding that "we reckon that crisis could be greatly eased if our friendly countries like Germany should help through short-term co-operation to dilute the intensity of the crisis and long-term co-operation to ultimately overcome it by generating required electricity." Undoubtedly it was the responsibility of Pakistani Trade Mission in Germany to make efforts for promoting exports to Germany but "we would request the German Embassy to cooperate in this regard," he added.