Joint chamber: Pakistan-Germany trade body founded

Will help facilitate European country’s investment

KARACHI: The recently-launched German-Pakistan Chamber of Commerce and Industry (GPCCI), the first ever joint chamber by any European country in Pakistan, is expected to usher in an era of investment, providing a dedicated platform for German investors.

Pakistan now joins the ranks of a select few countries to have a joint chamber with Germany.

‘It will provide a new and permanent home for all German companies in Pakistan, Pakistani companies working with German products and Pakistani companies trading with Germany,” said German Ambassador to Pakistan Ina Lepel.

“Obviously, there is huge potential for new investments in Pakistan. I am hopeful that this new platform for dialogue will help attract future investments in Pakistan, but it is too early to speak on behalf of companies that are interested in Pakistan,” Lepel said when asked about the possibility of German investment in the auto sector of Pakistan.

Lepel said that she is hopeful of new German investments in Pakistan, especially in wind and solar energy projects.

Federal Ministry for Economic Cooperation and Development Head of Division Afghanistan/ Pakistan Dr Stefan Oswald said that Pakistan is a very interesting market of over 200 million people.

He said that it was good that the situation was improving in Pakistan, but there was still a lot of room left for improvement. He, however, mentioned that the regulatory problems in Pakistan were still a big obstacle for new foreign investments.

Unlike German diplomats, Oswald was more candid when he said that Chief Minister Punjab Shahbaz Sharif recently visited Germany to attract German companies, but he did not get an encouraging response.

“German companies have faced serious problems in Pakistan in the past. This is why I think it will take some time before the confidence of German companies is restored and they start investing again in Pakistan,” he said.

German Consul General in Karachi Rainer Schmiedchen said that the security situation was improving because of which Germany had softened travel advisories for people visiting Pakistan.

Published in The Express Tribune, May 29^th, 2016.

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