Pakistan, Germany sign ‘Joint Declaration of Intent’
Prime Minister Muhammad Nawaz Sharif Thursday while vowing to enhance bilateral economic ties with Germany proposed the establishment of bilateral Chamber of Commerce to further develop bilateral economic relations.
He was talking to Dr. Gerd Muller, German Federal Minister for Economic Cooperation and Development who called on him here at PM House.
The Prime Minister welcomed Dr. Gerd Muller on his visit to Pakistan and said that Pakistan and Germany enjoy friendly and cooperative bilateral relations characterized by shared perceptions and multifaceted cooperation.
The Prime Minister apprised the German Federal Minister that Pakistan’s economy was showing visible improvement while the security situation was far better today than any time before.
“Our emerging democratic character is evident from the handling of all political issues by my government in accordance with the democratic principles and law,” the Prime Minister said.
The German Federal Minister for Economic Cooperation and Development thanked the Prime Minister for the warm hospitality extended to his delegation in Pakistan. He expressed the confidence to further strengthen cooperation with Pakistan in diverse fields.
The German delegation included Ina Lepel, German Ambassador, Dr Bernhard Felmberg, Director General BMZ, Dr Henning Plate and Dr Zoll Juergen, First Secretary, Head of Cooperation. Meanwhile, Finance Minister, Senator Mohammad Ishaq Dar met with German Federal Minister for Economic Cooperation and Development, Dr. Gerd Muller and discussed matters of mutual interest with particular focus on bilateral development cooperation between the two countries.
The Finance Minister welcomed the German Minister and highlighted the historic ties between Pakistan and Germany, said a statement issued here.
Dar appreciated the cooperation and support of the German government for various development projects in Pakistan, including the recent equity participation by German development bank, KfW, in the Pakistan Microfinance Investment Company (PMIC).
The Finance Minister shared with the German Minister that, after having achieved macroeconomic stability in Pakistan, the government is now focused on attaining higher, sustainable and inclusive economic growth.
He said that Pakistan is focused on the promotion of financial and digital inclusion in the country. In this regard, he highlighted the IT Park project in Islamabad that is being implemented with loan assistance from Korean Exim Bank.
The Finance Minister emphasized that Pakistan has a liberal investment regime and invited German companies to invest in Pakistan, particularly in the automotive and solar PV sectors.
He suggested that German companies should explore the possibility of benefitting from the opportunities available in the Special Economic Zones being established. The German Minister acknowledged Pakistan’s economic success story over the last three and a half years. He appreciated Pakistan’s efforts and sacrifices for addressing the challenges of terrorism and extremism, and the promotion of global peace.
He said that Germany is focused on continuing its economic and development initiatives in Pakistan.
Dar offered Germany’s technical and research assistance for development projects in Pakistan, including technical support in the agriculture sector to achieve higher yields. The German Minister invited the Finance Minister to visit Germany and meet with various German business leaders to promote the investment and business opportunities in Pakistan.
Following the meeting, Pakistan and Germany signed a Joint Declaration of Intent with the aim of further strengthening development cooperation between the two countries.