ISLAMABAD, Aug 1: Pakistan and Germany would enter a new era of business cooperation as both countries are engaged in finalizing various business pacts to increase their mutual trade, investment and business activities.

This was stated by German Ambassador Christoph Brummer during a meeting with officials of Islamabad Chamber of Commerce and Industry (ICCI) at ICCI office on Friday.

The German Ambassador Brumer on the occasion informed the meeting that Germany and Pakistan were in final stages to sign an agreement for providing investment securities to the investors of each country and after approval of the pact Germany would boost its investment.

He said the German government has decided to give relaxation on visa applications to genuine businessmen from Pakistan for business trips to Germany.

He said a delegation of German businessmen would be visiting Pakistan next year to explore business opportunities as well as joint ventures with Pakistani businessmen.

He said the German government was also celebrating Pakistan Day with high spirits this year in September and celebrations of Pakistan Independence Day would be part of ‘German Asia Week’ which was being organized by the German government in Berlin.

He said Germany considered Pakistan as very important country for trade and investment.

Earlier, the President ICCI Mian Akram Farid welcomed the decision of German government to enhance the cooperation in trade with Pakistan and exchange of business delegations.

He said that Pakistan and Germany have a long history of friendly political, cultural and economic relationship. The Federal Republic of Germany is one of the largest trading and investment partners of Pakistan. It is the 4th largest importer of Pakistani products and the 7th largest supplier of goods to Pakistan.

He said in 2001-2002 exports to Germany were $452 million. Main items of exports included cotton yarn, fabrics, leather and leather manufacturers, made-up articles, garments, hosiery, footwear, sports goods, etc.

Pakistan’s imports from Germany during the same period amounted to US$439 million. The import items have included synthetic textile fibres, machinery and parts, iron and steel manufactures, petro chemicals, fertilizer, scientific instruments, crude rubber, oils and cosmetics, photographic films, etc.—APP