German parliament ratifies BIT with Pakistan

Daily Times | Sunday, November 13, 2011

German parliament ratifies BIT with Pakistan

KARACHI: Bilateral Investment Treaty (BIT) signed by Germany and Pakistan in 2009 has been ratified by German parliament.

The BIT has been sent to European Commission for final approval, Pakistan’s ambassador to Germany Shahid Kamal told special correspondent Farooq Moin here on Saturday.

Under BIT, investors of both the countries will be given protection and there will be more German investment in Pakistan in the next 3 to 5 years, Kamal added. Pakistan’s exports to Germany during 2011 calendar years will be around $1.5 billion, with balance of trade in favour of Pakistan, as against $700 million in last year.

Quoting official German statistics, he said trade between two countries from January to July 2011, was $800 million, 45 percent more than year 2010.

Germany, which is largest economy in Europe, was the 5th largest investors in Pakistan in the years 2009 and 2010.

“We are trying to set up German Pakistan Chambers of Commerce which will enhance connectivity between the private sectors of both countries,” he said.

He said immense prospects existed to export rice, fruits and vegetables to Germany, as their prices were rising.

He said Germany was supporting Pakistan to European Union EU member states G plus and greater market access to EU member states.

He said under an agreement signed recently, German government would provide economic assistance of $58 million for training in electronics, mechanics to Pakistanis over five years.

Kamal said another $85 million German economic cooperation with Pakistan was also underway in renewable, wind and solar energy which would help overcome load shedding in the country. He said 340 PhD Pakistanis were working in German universities.

German Consul General in Karachi Dr Tilo Klinner said under German economic cooperation program, Pakistanis would be given vocational training in Khyber Pakhtunkhwa and Sindh provinces and it would be under Public Private Partnership. Dr Klinner said German government would co-host an International Conference on Afghanistan in Bonn on December 5, 2011. ppi

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source: Daily Times