Strong chambers liaison can boost Pak-German trade: Dr Faisal

He assured the LCCI office-bearers that trade delegation would be extended maximum support.

LAHORE (APP) – Ambassador-designate to Germany Dr. Mohammad Faisal said on Monday that strong liaison between Chambers of Commerce & Industry and business institutions of Pakistan and Germany would definitely enhance mutual trade volume.

Talking to business community here at Lahore Chamber of Commerce and Industry (LCCI), the Ambassador said that Pakistani business community would have to adopt a comprehensive strategy as customers in European Union were not only quality conscious but also very selective in making deals with other countries.

He assured the LCCI office-bearers that trade delegation would be extended maximum support.

On this occasion, LCCI Senior Vice President Ali Hussam Asghar said that Germany had multiple significances for Pakistan as it was the biggest economy in European Union and shared borders with important countries like Netherlands, Belgium, France, Switzerland, Austria, Czech Republic, Poland and Denmark.

Private sector of Pakistan should find out ways to explore more opportunities to further increase the present level of trade and economic cooperation between the two countries, he added.

Ali Hussam Asghar said the EU had extended GSP-Plus Status for Pakistan till 2022 and it offered a tremendous opportunity to Pakistan and Germany to further expand bilateral trade relations. Both Germany and Pakistan had good diplomatic relations and these ties were well reflected in two-way trade. “Germany comes at 11th place among the top importing countries and at 5th place among the top exporting countries for Pakistan,” he mentioned.

LCCI Senior Vice President said that level of two-way trade was increasing year by year and it was US $ 2.4 billion in 2017 and went up to US $ 2.6 billion in 2018, adding that balance of trade was slightly in favour of Pakistan as our exports to Germany were US $ 1.31 billion and imports from Germany were US $ 1.29 billion. The exports to Germany were however heavily concentrated in textiles, surgical instruments and leather products.

He hoped that Dr. Mohammad Faisal would play a leading role in apprising German investors of the other diverse potential opportunities in Pakistan. He said that Pakistan had a lot to offer to German investors particularly in the areas of mega infrastructure and renewable energy projects especially solar energy solutions. Pakistan has a very vibrant and growing Information Technology sector which offers a tremendous room for Joint Ventures between two countries.

Ali Hussam Asghar said, “There is also immense potential for German Auto companies to set up manufacturing plants in Pakistan as its quality vehicles could find a good market in Pakistan. In order to take advantage of existing trade and investment opportunities, we have to keep regular follow up with each other through your good offices.”

He asserted, “Market Intelligence Reports serve as a good tool to know about the potential areas of a country.

Commercial section should be given task to prepare some reports to be shared with private sector representatives. These reports would apprise them about the potential products and the potential trade partners in German market.”

While, LCCI Vice President Mian Zahid Jawaid Ahmad said that the exchange of trade delegations and single country exhibitions could prove to be critical in enhancing the trade volume.

Former LCCI President Farooq Iftikhar, EC members Haji Asif Sehar and Mian Sheheryar Ali were also present.