Pak, Germany to sign improved ‘investment treaty’ next month

Regional Times | 21 November 2009

Pak, Germany to sign improved ‘investment treaty’ next month

KARACHI: Pakistan and Germany will sign the enhanced version of “bilateral investment treaty” during the visit of Prime Minister Yousaf Raza Gilani to Germany early next month.

This was stated by the chairman Board of Investment (BoI) Salim Mandviwala while addressing a press conference here Friday.

He said that Pakistan and Germany are the only two countries of the world which had signed investment treatment nearly 60 years ago in 1959.

He said that under the new treaty, Germany has restarted its insurance guarantee scheme which was suspended some years back. This will allow Germany to provide insurance cover to German companies for investment in Pakistan, he added.

Mandviwala noted that this “land mark treaty” will greatly help Pakistan to attract investment from Germany in these difficult times.

He pointed out that private sector companies accompanying the prime minister will also sign memorandum of understanding for new investment during this visit.

Similarly, BoI is also organising a delegation consisting of public-private sector companies for United States early December, to explore partners for energy sector and infrastructure projects.

This delegation, being organised with the help of US government, will visit Houston and New York and hold meeting with joint venture partners during a week long tour, he said.—Agency

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source: Regional Times