ISLAMABAD: The investors of Germany were looking with interest at Pakistan, which was a viable option for them for joint ventures (JVs) and investment.
German company GIZ was working in Pakistan to promote technical training and skills development of its youth and Pakistani private sector should engage such trainees to improve its productivity.
This was stated by Bernhard Stephan Schlagheck, Ambassador of Germany while interacting with the business community during his visit to Islamabad Chamber of Commerce and Industry (ICCI).
Christian Böttcher, Economic Counsellor of German Embassy also accompanied him at the occasion.
Responding to a proposal for potential opportunities of JVs and investment for German investors in CPEC, the German Envoy said that investment by local investors in CPEC would give more confidence to foreign investors.
He said that the economy of Pakistan was improving, however, Pakistan needed to focus on cohesive economic policies, improve tax regime to widen tax base and streamline lengthy litigation procedures to promote ease of doing business and attract more investment.
He said Small and Medium Enterprises (SMEs) were the backbone of German economy and there was a need to develop close cooperation between the SMEs of both countries to strengthen bilateral business relations.
Speaking at the occasion, ICCI President Sardar Yasir Ilyas Khan said that Germany was an important trading partner of Pakistan with bilateral trade of over USD three billion, however, there was much more potential to increase trade volume given the size of both economies.
He said that the automobile was a growing sector in Pakistan and German auto companies should transfer technology and set up manufacturing plants in Pakistan.
Pakistan has abundant human talent with cheap labour cost, which provided great advantage to German investors to explore JVs and Investment in Pakistan.
