Finance Minister Ishaq Dar has invited German companies to invest in Pakistan, particularly in the automotive and solar Power sectors, asking them to take benefit from the opportunities available in the Special Economic Zones being established in the country.
During a meeting with the visiting German Federal Minister for Economic Cooperation and Development Dr Gerd Muller on Thursday, the finance minister stated that Pakistan has a liberal investment regime and German companies should explore the possibility of benefiting from the opportunities available in the Special Economic Zones being established in Pakistan.
The two ministers discussed matters of mutual interest with particular focus on bilateral development cooperation between Pakistan and Germany. The finance minister highlighted the historic ties between Pakistan and Germany. He appreciated the cooperation and support of the German government for various development projects in Pakistan, including the recent equity participation by German development bank, KfW, in the Pakistan Microfinance Investment Company (PMIC).
Dar shared with the German minister that after having achieved macroeconomic stability in Pakistan, the government is now focused on attaining higher, sustainable and inclusive economic growth. He said that Pakistan is focused on the promotion of financial and digital inclusion in the country. In this regard, he highlighted the IT park project in Islamabad that is being implemented with loan assistance from Korean Exim Bank. The German minister acknowledged Pakistan's economic success story over the last three-and-a-half-year. He appreciated Pakistan's efforts and sacrifices for addressing the challenges of terrorism and extremism, and for the promotion of global peace. He said that Germany is focused on continuing its economic and development initiatives in Pakistan. He sought German technical and research assistance for development projects in Pakistan, including technical support in the agriculture sector to achieve higher yields.
The German minister invited the finance minister to visit Germany and meet various German business leaders to promote the investment and business opportunities in Pakistan. Following the meeting, Pakistan and Germany signed a joint declaration of intent with an aim to strengthen development cooperation further between the two countries.
The declaration reiterates the three priority areas of Pakistan-German development cooperation ie governance, energy and sustainable economic development, and indicates that the volume of bilateral development cooperation could reach up to €109 million for the two years period 2017-18. At the end of the meeting, both the ministers reaffirmed the mutual commitment to further enhance and strengthen bilateral relations in the existing and new areas.