Pakistan to qualify for GSP Plus next year

German ambassador says business delegation will arrive in November.

Our Correspondent September 26, 2012

LAHORE: German Ambassador Dr Cyrill Nunn has announced that Pakistan will be able to benefit from a preferential trade arrangement in the next four weeks, which will allow tariff concessions on exports to the European Union.

Speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday, Nunn said Pakistan was all set to qualify early next year for the Generalised System of Preferences (GSP) Plus status – a facility which will pave the way for duty-free access to EU markets.

“Pakistani companies, particularly those in the textile sector, should benefit from the opportunities in the GSP Plus status.”

The ambassador also said a German business delegation would arrive in November to evaluate business opportunities in Pakistan. In order to promote investment, he said, the German government was ready to provide all necessary help to its investors.

He saw vast prospects of cooperation and deepening of trade relations between the two countries. He described Pakistan an attractive market for consumer goods because of its predominantly young population.

Nunn stressed that German companies were pinning high hopes on trade normalisation process between Pakistan and India and some of the companies were planning to make Pakistan a base for exports to India. “Improved Pak-India trade relations will benefit Pakistan itself,” he said.

Speaking on the occasion, LCCI President Irfan Qaiser Sheikh highlighted the potential for foreign investment in Pakistan with its strategic location and abundant raw material. “Any investment made here will automatically find its way to regional countries, extending to the Central Asian States,” he said.

Discussing the energy crisis, he asked German investors to set up alternative energy projects in the country.

Published in The Express Tribune, September 27th, 2012.


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