Doing Business in Pakistan: German businessmen encouraged to invest in Pakistan
Germany is Pakistan’s biggest trading partner in the European Union (EU) with trade balance in favour of Pakistan, said German Ambassador to Pakistan Martin Kobler. He was speaking at an event on ‘Doing Business in Pakistan’, organised by the German Emirati Joint Council for Industry and Commerce (AHK) in Dubai.The event was attended by 35 major German companies based in the United Arab Emirates (UAE) including Audi, Volkswagen, BMW Group, Halfen, Hugo Boss, Lufthansa, Puma, Rohde & Schwarz, Deutsche Bank and Siemens.
Kobler appreciated the steps taken by the new government in Pakistan for restoring the confidence of businessmen. He also praised the improved law and order situation and proposed the creation of Pak-German Joint Chamber of Commerce and Industry for further promotion of bilateral trade and investment.
Speaking on the occasion, Board of Investment Chairman Haroon Sharif appreciated the efforts of AHK and German businessmen for promoting business and investment in Pakistan. He updated event participants about the initiatives taken by the present government to improve investment and businesses in Pakistan. He informed the audience that massive changes had been introduced in the visa policy and the government was planning to launch e-visa facility for a limited number of countries in coming months. Besides this, the government is making efforts to improve the taxation system, cut down bureaucratic hurdles in the way of setting up businesses, establish a mechanism for early resolution of commercial and investment disputes and introduce country-specific one-window operations for facilitating businesses and investors. He encouraged German companies to invest in Pakistan, especially in alternative energy, agro-based food processing, hospitality and tourism, and emerging technologies. Sharif pointed out that seven Special Economic Zones were already functioning in Pakistan and nine more zones were in the pipeline in an effort to stimulate investment in the industrial sector.
AHK CEO Felix Neugart gave a brief insight into recent developments in Pakistan, especially with reference to investment and business opportunities.