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Germany takes Interest in Pakistan’s Economic Sector, Announces €109 million

Germany and Pakistan are coming closer in order to generate profits and develop long-term economic ties between the countries.  And that’s a good sign. The recent meeting of Finance Minister Ishaq Dar and German Development Minister Gerd Müller in which Germany announced to a financial package of €109 million to Pakistan for two years.

The agreement was signed on Thursday to boost bilateral cooperation in energy, governance, and sustainable development sectors. In the mutual agreement, the both countries were agreed to build an economic relationship and to increase the volume of bilateral development cooperation up to €109 (euro) million.

The statement later confirmed by an official handout issued by the German Embassy in Islamabad. “Muller proffered the prospect of new funding for bilateral technical and financial cooperation. The bilateral economic cooperation could reach a significant level of up to €109 million for the two-year period of 2017-2018.”

On the occasion of inviting German companies to invest in automotive and solar photovoltaic sectors, Dar said Pakistan has a liberal investment regime. He said, “German companies should explore the possibility of benefitting from the opportunities available in the special economic zones, being established in Pakistan,”

The finance minister Ishaq Dar praised the mutual aid and funding of the Germany for various development projects in Pakistan, including the recent equity participation by German development bank, KfW, in the Pakistan Microfinance Investment Company. 

“After having achieved macroeconomic stability in Pakistan, the present government is now focused on attaining higher, sustainable and inclusive economic growth,” he said. “We are currently focused towards promotion of financial and digital inclusion in the country. This is evident from the IT Park project in Islamabad which is being implemented with loan assistance from the Korean Exim Bank.”

Muller appreciated Pakistan’s sacrifice and struggles to fight against terrorism in the country. He further offered Germany’s technical and research support for development projects in Pakistan, including technical aid in the agriculture area to accomplish higher yields. He invited the finance minister to Germany to meet with the business leaders to promote the investment and business opportunities in Pakistan.

 

Nazish Islam - a media graduate with an undying love for chai, books, traveling, series shows, sports, hijab, and of course writing.

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Germany takes Interest in Pakistan’s Economic Sector, Announces €109 million

Germany and Pakistan are coming closer in order to generate profits and develop long-term economic ties between the countries.  And that’s a good sign. The recent meeting of Finance Ministe...