Germany has multiple significances for Pakistan as it is the biggest economy in the European Union and shares borders with important countries like Netherlands, Belgium, France, Switzerland, Austria, Czech Republic, Poland and Denmark. Private sector of Pakistan should find out ways to explore more opportunities to further increase the present level of trade and economic cooperation between the two countries.
LCCI Senior Vice President Ali Hussam Asghar said this while talking to Ambassador-designate to Germany Dr Mohammad Faisal who visited the Lahore Chamber of Commerce and Industry to seek business community suggestions for enhancing trade ties with Germany.
Ali Hussam said that the EU has extended the GSP plus Status for Pakistan till 2022. It offers a tremendous opportunity to Pakistan and Germany to further expand bilateral trade relations. Germany comes at 11th place among the top importing countries and at 5th place among the top exporting countries for Pakistan.
The LCCI Senior Vice President said that level of two-way trade is increasing year by year. It was US $2.4 billion dollars in 2017 and went up to $2.6 billion in 2018. The balance of trade of trade is slightly in favour of Pakistan as our exports to Germany are $1.31 billion while our imports from Germany are $1.29 billion. The exports to Germany are however heavily concentrated in Textiles, Surgical Instruments and leather products.
He hoped that Dr Mohammad Faisal would play a leading role in apprising German investors of the other diverse potential opportunities in Pakistan. He said that Pakistan has a lot to offer to German Investors, particularly in the areas of mega infrastructure and renewable energy projects especially solar energy solutions. Pakistan has a very vibrant and growing Information Technology sector which offers a tremendous room for Joint Ventures between two countries.
Ali Hussam said that there is also immense potential for German Auto companies to set up manufacturing plants in Pakistan as its quality vehicles could find a good market in Pakistan. In order to take advantage of existing trade and investment opportunities, we have to keep regular follow up with each other through your good offices.
"Market Intelligence Reports serve as a good tool to know about the potential areas of a country. Commercial section should be given task to prepare some reports to be shared with private sector representatives. These reports would apprise them about the potential products and the potential trade partners in German market," he added.
Comments
Comments are closed for this article.