German businesses are eager to invest in Pakistan and form joint partnerships
Speaking to the German delegation, the president of the ICCI asserts that Pakistan and Germany have a great deal of room to grow their bilateral commerce since their present level of trade, which is roughly $4 billion, does not correspond to their potential.
Karobar
A group of German businesses visited the Islamabad Chamber of Commerce and Industry (ICCI) and expressed interest in joint ventures and investment in Pakistan in areas of their various disciplines. The mission was led by Muhammad Usman, Country Representative for Pakistan of German Chambers of Commerce Abroad. According to a news statement released here on Thursday, the group represented a number of industries, including communications, automotive, construction, logistics, energy, and financial services.
Speaking to the German delegation, Ahsan Zafar Bakhtawari, President of the Islamabad Chamber of Commerce & Industry, said that Pakistan and Germany have a great potential to increase bilateral trade in many areas because the current level of two-way trade, which is estimated to be around US$4 billion, does not match with the actual potential of both countries.
The primary exports of Pakistan to Germany include textiles, leather products, sporting goods, footwear, and medical equipment, while its main imports from Germany are machinery, chemical and electrical products, motor vehicles, and iron products. He said that both nations only trade in a small number of products. He emphasized that in order to fully explore all potential areas of bilateral cooperation, both nations need enhance economic ties between their private sectors.
Ahsan Bakhtawari stated that more German companies should look into joint ventures and investment in Pakistan, which has a sizable market of over 240 million consumers. Over 40 German companies are currently operating successfully in many sectors of the Pakistani economy, including telecommunication, chemicals, pharmaceuticals, automobile, automotive, and wholesale.
He promised that ICCI will introduce German investors to suitable partners in Pakistan.
The objective of their visit to Pakistan is to build networking relationships with their Pakistani counterparts and investigate prospective areas for joint ventures and investment, according to representatives of German companies who spoke at the event. Germany seeks to diversify its foreign commerce.
They informed the ICCI delegation that the world's largest agricultural machinery trade show, AgriTechna, will take place in Hanover, Germany from November 12–18, 2023, and urged them to attend in order to learn about new developments, technologies, and equipment in the agriculture industry.
In order to export their goods to Central Asia and other markets, German investors from the automotive and other sectors should establish commercial ties and transfer technology to Pakistan, according to Faad Waheed, Senior Vice President of the ICCI. German businesses ought to take advantage of Pakistan's enormous potential for foreign investment in the construction industry, according to Engr. Azhar ul Islam Zafar, Vice President of ICCI.
Former ICCI President and UBG Pakistan Secretary General Zafar Bakhtawari emphasized the importance of direct air links between Pakistan and Germany in order to enhance trade ties between the two nations.
