'GATE-Pakistan'

Brushing aside the recent political turmoil in Pakistan, Germany has stepped forward to help the country in its economic spectrum. In a recently-held launching of the German Association of Trade and Economy - Pakistan (GATE-Pakistan), both countries decided to make GATE-Pakistan a concrete platform to network businesses across the borders. GATE-Pakistan is an economic forum established with the support of German Foreign Office, the Board of Investment, and Government of Pakistan with the sole purpose of providing facilitation to the investing businesses of Germany having larger interests in the economy of Pakistan. The focus is to support Small and Medium Enterprises (SMEs) to outsource their business production units to Pakistan.
Syed Hasan Javed, Pakistan's Ambassador to Germany represented the Government of Pakistan's share of the forum while Dr Cyrill Nunn, the German Ambassador to Pakistan and Germany's special envoy for Afghanistan-Pakistan, Dr Micheal Koch along with other senior officials of the German Foreign Office embodied the Government of Germany. The declaration of formation of GATE - Pakistan was signed amongst the present parties. Dr Pantelis Christian Poetis, Honorary Consul for Pakistan in the State of Baveria and ex-president of German-Pakistan Forum assumed the charge of its first founding president.
All the heads had a common interest associated with the launch of GATE-Pakistan, a tangible economic co-operation between the two countries. Dr Koch on the occasion highlighted the combination of 'Brazuca' football, made in Pakistan and the winners of the World Cup, Germany. Dr Cyrill Nunn explained how this platform could be utilised in not only expanding the existing co-operation but also to provide investors with some new untapped sectors of the Pakistan and German economy. Syed Hasan Javed elucidated the opportunities the land of Pakistan provides to the international investors due to its important geo-strategic location on the map to the young demographic population. Javed highlighted the investment opportunities provided by Pakistan speaking about the Sun Belt, wind corridor, fast growing IT industry, ever increasing number of manufacturing units of textile, sports goods, surgical and leather goods, growth in agriculture and dairy products. He also mentioned that the potential this young nation possesses can be converted into strength for the future only if invested and utilised properly.
Dr Poetis pointed out the main ideas and goals for GATE-Pakistan with the very first project of the mission to establish a Special Economic Zone in Pakistan exclusively dedicated to German companies. Incentives such as a corporate income tax holiday for 10 years and duty free import of capital goods to Pakistan are just some of the benefits for GATE-Pakistan partners. Dr Poetis gave a very informative presentation on Pakistan to point out economic regions within the country and to provide know-how of doing business in Pakistan to the participants. Dr Poetis pointed out topical potential for German investments in the areas of energy, IT and commerce in particular.
The main vision behind GATE-Pakistan floats around the access to information for the businesses on both sides, providing direct access to public offices, connections to the key decision-makers and business and scientific communities on both sides honour the purpose. GATE-Pakistan is also intended to become the primary address for German business activities in Pakistan, offering German companies custom support and expert advice on all Pakistani matters. Together with diplomatic missions, German Pakistan Trade and Invest (GPTI) and Pakistan German Business Forum (PGBF), and scientific institutions, GATE-Pakistan partner companies will be able to form a strong network for successful commercial presence in Pakistan.
GATE-Pakistan is unique in itself from other organisations in three parameters: channels of communication, networking and marketing. The organisation plans to hold numerous events and projects such as conferences and delegation visits in order to bring together businesses from both sides to establish a long lasting network which will not just accommodate the established businesses but will also hold as a key step of penetration for new businesses in the Pakistani market. GATE-Pakistan provides cooperation to its member partners to the extent that their business interests are forwarded to the public decision-makers for consideration. GATE-Pakistan also provides business and marketing strategies for the businesses to explore and influence the Pakistan's domestic potential.
In the need for an economic resurgence, this is a great opportunity for policymakers in Pakistan to take up this initiative from German counterparts with all true sincerity and enthusiasm. GATE-Pakistan will not only help SMEs of Pakistan to develop within their boundaries but also give them an opportunity of learning Western styles of businesses. A well thought out awareness programme needs to be floated within the business community of Pakistan for them to be able to grab this opportunity knocking at their doors. GATE-Pakistan will not only help the exporters and importers of the country but it also plans to connect the IT industry of Germany with the fast growing IT industry of Pakistan and the tech savvy of its people. Investments in education and vocational training programs are also part of the agenda for GATE-Pakistan. The convenors of GATE-Pakistan should also add to their agenda connecting the capital markets of both sides. Germany has one of the most efficient capital market structures in the world while Pakistan is still looking to raise its financial market standards. This will be of great valuation for investment projects in Pakistan and will interest investors to bring financial investments. Pakistan needs to develop regulated financial institutions to help bring stability in its overall economy.
If implemented properly, GATE-Pakistan is poised to prove itself as a success story. The idea is simple and straight, do business. This is Pakistan's opportunity in the times of economic turmoil, terrorism and political instability to hold on to something positive for the future. GATE-Pakistan will not only help businesses to network but half a century old relations between Pakistan and Germany will also be strengthened. GATE-Pakistan will help build a positive image of Pakistan for the investors but will also affect the perspective of normal population of Germany about Pakistan, certainly targeting the tourism industry as well. Government of Pakistan should take this as guiding strategy to develop same organisations in other trading economies such as the US, the UK and the Middle East.
GATE-Pakistan is a great step towards economic prosperity of Pakistan initiated by Germany. The public offices in Pakistan should not let this opportunity lose instead paying extra attention on such initiatives will bring the success to everyone since Pakistan is in the need and Germany has nothing to lose.
(The writer is a Postgraduate in Quantitative Finance from Christian-Albrechts-Universitaet zu Kiel, Germany)