Karachi, August 2, 2023 – In a significant development, H. E. Mr. Rudiger Lotz, Consul General of Germany in Karachi, has announced that the German Chamber of Commerce & Industry (DIHK) is set to establish its office in Pakistan, highlighting the growing importance of trade and economic ties between Germany and Pakistan.
READ MORE: FPCCI Slams Outgoing Government for Shocking Petroleum Price Surge
During a high-profile visit to the Federation of Pakistan Chambers of Commerce & Industry (FPCCI) Head Office, Mr. Lotz expressed Germany’s commitment to support Pakistan in various areas, including trade promotion, fostering business-to-business linkages, skills development, vocational training, and providing opportunities for Pakistani youth to pursue free higher education in Germany.
Pakistan’s President FPCCI, Irfan Iqbal Sheikh, emphasized that Germany has become Pakistan’s largest trading partner in the European Union following Brexit. The bilateral trade balance currently favors Pakistan, with Germany accounting for 5.4 percent of Pakistan’s exports and 1.4 percent of its imports, leading to increased employment opportunities in the country.
READ MORE: Pakistan Releases Official Petroleum Prices for First Half of August 2023
Mr. Sheikh also urged German support in Pakistan’s successful transition to an expanded Generalized System of Preferences (GSP+) program, aiming to boost trade relations further. He referenced the potential for GSP 2.0 or GSP ++, as mentioned by the then outgoing EU Ambassador in Pakistan, H. E. Ms. Androulla Kaminara.
The Vice President of FPCCI, Shabbir Mansha, proposed that Germany should offer long-term visas to Pakistani business professionals, similar to the U.S. and the U.K., to facilitate trade and business relations. Mr. Lotz agreed, acknowledging the need for enhanced facilitation.
READ MORE: Pakistan Shockingly Increases Petroleum Prices from August 1, 2023
Mian Nasser Hyatt Maggo, immediate past President of FPCCI, raised concerns about Germany’s supply lines for exporting industrial equipment to countries like Pakistan amid the ongoing economic and energy crisis in Europe. Ensuring secure supply chains is crucial for maintaining trade relationships.
Zakaria Usman, former President of FPCCI, emphasized the importance of technology transfer, industrial collaborations, and joint ventures with Germany to address Pakistan’s economic challenges. Industrialization is seen as a key strategy to bridge the trade deficit and promote import substitution in Pakistan.
READ MORE: OGDCL Achieves Remarkable Production Boost in July 2023
The establishment of the German Chamber of Commerce’s office in Pakistan is expected to further strengthen trade and economic cooperation between the two nations and open new avenues for growth and development.
