21-member German economic team visits BoI

ISLAMABAD : A 21-member German Economic delegation visited BOI on Wednesday. Claus Baron von Fersen, an expert representing German Oil and Gas Industry and Renewable Energy sector was leading the delegation that included representatives of German business community as well as officials from Federal Ministry of Economics and Technology and Near and Middle East Association (NUMOV).

Stephan Röken, Deputy Head of Mission and Security Commissioner, Dr Gregor Schotten, Ferdinand Jenrich and Andreas Dauth were also present in the meeting. BOI also invited representatives of Alternative Energy Development Board, Engineering Development Board and Trade development Authority Pakistan also attended the meeting. The delegation comprised companies in the area of logistics, engineering, architecture, consulting, energy and construction.

Minister of State/Chairman BOI Saleem H Mandviwalla and Secretary BOI Anisul Hussnain welcomed the delegates and German investment in Pakistan. They said Germany has been an important partner in supporting the economy of Pakistan. Minister of State/Chairman BOI commended the German Government for undertaking collaborative efforts to meet the challenges of the ongoing World Economic and Financial Crises.

He also lauded the efforts of German Economic delegation, confidence shown by eminent German companies in the economy of Pakistan and for making huge investments. He further added that in order to achieve the national GDP objective of the government and to move the country on the dynamic path of social and economic development, Pakistan would need all support from Germany.

Executive Director General, Board of Investment Humayum Khan Sikandari gave a detailed presentation on Investment policy, incentive package and tremendous potential available in the field of oil and gas, agriculture and energy sector and highlighted the policy parameters allows 100 percent foreign equity in the major sectors and full repatriation of profits and dividends in all the sectors. He underlined import of raw material for export manufacturing zero-rated.

He talked about the Bilateral Agreements of Investment Protection with 47 countries and Avoidance of Double Taxation is with 52 countries. He informed about statistics of investments like (-10.8) percent growth in construction sector (2008-09), 3.6 percent growth in service sector (2008-09), (-3.3) percent growth in manufacturing sector (2008-09), (-7.7) percent growth in Large Scale Manufacturing sector (2008-09), 7.5 percent growth in Small Scale Manufacturing Sector (2008-09), 1.3 percent growth in Mining & Quarrying Sector (2008-09).

Total investment was 19.7 percent of GDP for 2008-09 and 22.5 percent of GDP for 2007-08. While total FDI in Oil and Gas Financial Business, Textiles, Trade, Construction, Power, Chemical Transport Communication (IT & Telecom) is $2,205.7 million. While highlighting existing German investment in Pakistan it was informed that FDI with Germany is $53.0 million which is double than 2002-03.

German delegation showed its interest for investment: Biogas, safe drinking water equipment, fisheries, stones and gems, power looms, textile, vehicles, tracking systems. The delegation appreciated the hospitality extended to them during their visit in Pakistan. Saleem H. Mandviwalla, Minister of State/Chairman, Board of Investment in the end thanked the members of the delegation for visiting Pakistan. He assured to extend all possible assistance required to them. – Brecorder