“Germany is the largest trading partner of Pakistan and the healthiest economy in the European Union have long ties with Pakistan. Pakistani people love the quality products and perceive that Made in Germany means quality and reliability. The automotive sector of Germany is the symbol of status.” This was stated by Mian Nasser Hyatt Maggo, President Federation of Pakistan Chambers of Commerce and Industry (FPCCI) in a meeting with the Ambassador of Federal Republic of Germany Excellency Bernhard Schlagheck who visited FPCCI Capital Office, Islamabad.
The meeting was attended by a large number of businesspeople from different sectors, prominently Anjum Nisar, Immediate Past President FPCCI, Shahzeb Akram, Sr Vice President and Vice Presidents of FPCCI, Zahid Shah, Hanif Lakhani, Athar Chawla, Head of Capital Office Qurban Ali and coordinator Mirza Abdul Rehman and Qaiser Khan Daudzai, Ex-Vice President of FPCCI.
Nasser Hyatt Maggo gave a brief overview of the activities of FPCCI and its importance not only in Pakistan’s economy but also in the international economy. While talking about the bilateral trade of Pakistan with Germany, he said that Germany is the biggest trading partner of Pakistan in the EU with a trade balance in favour of Pakistan, which reflects good economic relations between both countries.
He further said that the current volume of bilateral trade is nearly US $ 3 billion. Pakistan’s exports to Germany have increased to US $ 2 billion, while imports of Pakistan from Germany are US $ 1.2 billion. However, the trade statistics are still far beyond the existing potential between both the countries.
President FPCCI further said that in the scenario of China–Pakistan Economic Corridor (CPEC), Pakistan has become an emerging market and favourable investment destination in the world. Many German companies are already operating in Pakistan, but there is still room for further investment in various sectors that should be jointly explored.
Anjum Nisar, Immediate Past President FPCCI said that with Pak German development cooperation as well as bilateral trade and investment ties, which are decades old and quite strong, it is high time to explore new avenues to enhance economic partnership through joint ventures in Special Economic Zones in Pakistan. He further said that a number of opportunities, coupled with an investment-friendly policy of the government, are there along with low-cost labour and a conducive domestic environment. The agriculture yield of Pakistan is very poor and the land is shrinking annually, so we have to increase our yield, for which German investors can come forward for joint collaboration in the agriculture sector particularly in Seeds and pesticides, he added.
The Ambassador of Germany expressed his gratitude for his warm welcome in FPCCI and said that he was quite impressed with the viability of Pakistan business people who are subject-related. The Chambers are doing well and moving forward for making business easy, he said. He said that the bilateral trade was over US $ 3 billion earlier, with surplus in favour of Pakistan. Of course there is more space to enhance economic partnership, he added.
We are interested to intensify business to business relations particularly in three areas, he said. The first two are recycling and waste management, considering waste as a resource and not as garbage, with sustainable construction together with micro facilities for renewable energies. Germany has quite enough experience of insulation of a building that keeps warm in winter and cool in summertime, he added. This is very efficient from an energy perspective and it will save a lot of money in the longterm. Thirdly, the food processing and packaging area, wherein Germany has good machinery and technology that can be helpful to Pakistan where the huge focus of the society is on agriculture, he added.
The Ambassador further said that last year a German business delegation visited Pakistan and had B2B meetings with Textile related Pakistani entrepreneurs. He said that they are planning another business delegation to Pakistan which will focus on these areas.
It was encouraging that both the countries were committed to further improve trade relations which is most promising and we hope that bilateral trade in the future between both the countries would grow substantially, he added. Lastly, the President FPCCI presented a traditional crest of FPCCI to the Ambassador as a gesture of gratitude and appreciation.
