Germany may invest in cyber security

Plan under study to hold business event for German firms in Pakistan

ISLAMABAD:

The German Emirati Joint Council for Industry and Commerce has expressed interest in investing in cyber security technology in Pakistan.

Embassy of Germany in Pakistan First Secretary Christian Boettcher and Pakistan’s representative at German Emirati Joint Council for Industry and Commerce Muhammad Usman held a meeting with Board of Investment (BOI) Secretary Fareena Mazhar to discuss investment opportunities in cyber security technology in the country, said a press release issued on Tuesday.

During the meeting, Mazhar pointed out that Pakistan’s information technology (IT) industry “is among the top five net exporting sectors”.

“There is zero income tax on IT export till June 2025, with 100% equity allowed to foreign investors,” she mentioned.

Moreover, the outcome of a recent German delegation visit to Pakistan was also discussed.

In that regard, Boettcher and Usman revealed that three German companies had decided to invest in Pakistan and had already registered themselves.

Acknowledging the potential of Pakistan’s IT sector, they intended to share their business proposals with the BOI soon.

They further showed interest in organising a business event for German companies in Pakistan by the end of June this year. “However, it depends on the Covid-19 situation.”

The purpose of the event would be to create linkages with Pakistani small and medium enterprises (SMEs), they said.

On a separate occasion, the BOI secretary met with Hato (the Netherlands) CEO Paul Obers to discuss the opportunities for investment in the agriculture sector.

The meeting was also attended by Hato Pakistan CEO Rizwan Majeed Khan, Embassy of Netherlands in Pakistan Deputy Head of Mission Lianne Houben and senior officers of BOI.

On the occasion, Houben highlighted that there were abundant investment opportunities in the agriculture sector of Pakistan.

Moreover, Obers informed the meeting that Hato wanted to set up its second plant in Pakistan for novel animal feed production.

“The company will initially establish a research and development centre in Pakistan,” he said and requested BOI’s support for land acquisition.

The BOI secretary assured both the parties of maximum support and facilitation from the board.

Published in The Express Tribune, May 11^th, 2022.

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