Pakistan is on the verge of economic development and needs revolutionary steps to attract foreign investment not only from Europe, but also from the Gulf states. According to newspaper reports, Stephan Steinlein, the State Secretary of Germany’s Federal Foreign Office, told the businessmen from his country to explore business opportunities in the fast growing economy of Pakistan. Addressing the visiting high-ranking 20-member German trade delegation to Islamabad, he said that it is the right time to invest in Pakistan and also stressed the need for accelerating the process to form a joint chamber of commerce to establish business to business contacts between the two countries. According to the state secretary, there is tremendous potential of trade between Pakistan and Germany and Berlin is looking for ways and means to translate this potential into a reality in collaboration with local investors.
The pressing issue before the foreign investors is law and order situation in the country. The Pakistani government should also revise its policy for foreign investment by minimizing the role of bureaucracy and red-tape to encourage business to business contacts with other countries. There is a need to remove reservations of foreign investors as well as to improve business environment in the country. Steinlein says that Pakistan should introduce business friendly policies and improve the overall environment to attract the German investment into Pakistan. However, he expressed positive opinion about the development in the financial sector and impressed by the reforms in the country‘s capital market.
The German official has rightly pointed out the areas of concern and hurdles in the economic development of the country. Though the army has launched an operation against terrorists in the country, there is a need to boost intelligence to break their network. There is also need to pinpoint and take action against sypathisers, abettors and well-wishers of terrorists who are present in every sphere of life. Indian intelligence agencies are also involved in inciting hatred and chaos in the country and their agents are penetrated in non-governmental and media organizations. They openly speak Indian language on the Pakistani soil without any fear or fright and even some politicians are on their payroll. The time is ripe for launching joint projects with foreign investors as there are various sectors of the economy where there is a room for growth. The government should establish industrial zones with tax relief to spur economic growth in the country. The country’s businessmen should also come forward and contact their foreign counter parts to start joint ventures in the country.
