‘Germans interested in power, IT sectors’

ISLAMABAD: German investors are keen to make investment in power, water, information technology, telecommunication and textile sectors in Pakistan, said a statement issued by the Privatisation Commission here Friday.

Dr Christoph Brummer, German ambassador in Pakistan, informed this to Dr Hafeez Sheikh, the federal minister for privatisation and investment, here Friday.

The German envoy held a detailed meeting with the minister to share with him German businessmen’s willingness of making investment in various sectors in Pakistan in future.

Dr Brummer further informed the minister that a Germany business delegation is visiting Pakistan shortly to identify areas of investment and mutual cooperation in trade.

The ambassador apprised the minister that German companies are keen to invest in hydel and coal energy, renewable energies, water resources management/dams, information technology, telecom and textile sectors.

During the meeting, Dr Sheikh said structural reforms, stabilization and the continuity of economic policies being followed by the government had achieved impressive progress on the macro economic front.

The minister said Germany has emerged as the fifth largest importer of Pakistani products and as one of the important trading partner of Pakistan.

Trade between Pakistan and Germany is being conducted in freely convertible currency in terms of the trade agreement signed in 1957, the minister told the German envoy.

The minister also briefed him about key features of Pakistan’s investment and privatisation policies and invited German companies to invest in all the potential sectors.

The investment opportunities allowed 100 percent equity to foreign and local investors in all the sectors and that too without any restriction to takeout their dividends, he said.

Dr Sheikh said holding of Pakistan business day held at Berlin in last September was a landmark in the growth of Pak-German economic interaction in the private sector.

Dr Sheikh also informed the envoy that he was leaving for Germany to lead Pakistani delegation and to address two-day Munich Management Colloquium being held from March 9 to 10. The theme of this year Colloquium will be “The Future of Growth”. —Staff Report

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