ISLAMABAD: The German-Pakistan Chamber of Commerce and Industry (GPCCI) and the German Association of Small and Medium Enterprises (BVMW) have signed a memorandum of understanding (MoU) aimed at fostering mutual growth and prosperity.

The ceremony in this regard was held in Islamabad on Tuesday and attended, among others, by the German Ambassador to Pakistan Alfred Grannas. The event brought together major stakeholders from both countries, such as government officials, business executives and diplomats.

Ambassador Grannas said the MoU signifies a strong commitment to deepening economic ties between Germany and Pakistan. This collaboration will pave the way for new opportunities, fostering innovation and sustainable development in both the countries, he added.

Country Representative of BVMW Matthew David Shaw expressed his enthusiasm for the collaboration. He said BVMW is eager to collaborate with GPCCI to strengthen the connections between our business communities. This MoU represents a strategic alliance that will facilitate the exchange of knowledge and expertise.

This collaboration will pave way for new opportunities, says ambassador

“Together, we can harness the strengths of our respective markets to drive innovation and growth in key sectors,” he remarked.

GPCCI President Pervaiz Akhtar highlighted the significance of the agreement for the business communities of both nations. He said the signing of the MoU is a pivotal moment for GPCCI. “It underscores our dedication to creating a conducive business environment that encourages trade, investment and cultural exchange,” he said.

Nisrin Khalil, who represented BVMW Iraq, suggested a B2B solution through a very innovative networking app “Meena Circle’. She explained how to go global through digital transformation. She said the tool is very useful for SME’s of developing countries.

SDPI Executive Director Dr Abid Suleri deliberated on the economic outlook, challenges and opportunities for Pakistan and Germany through enhanced economic cooperation. He emphasised the potential for substantial growth in bilateral trade and investment, highlighting that both countries could benefit immensely from shared expertise and resources.

Mr Suleri also underscored the importance of addressing structural challenges and fostering an environment conducive to business innovation and entrepreneurship.

The event provided a platform for meaningful dialogue and networking, enabling attendees to explore new business prospects and solidify partnerships. The discussions reinforced the shared commitment to fostering economic collaboration and leveraging the strengths of both nations to achieve mutual prosperity.

Former senior civil servant Dr Syed Akhtar Ali Shah said both Germany and Pakistan had gone under difficult times but had demonstrated great resilience to come back. He emphasised the long-standing trade relationship between both countries, which dates back to the early 60s, focusing on governance, energy and sustainable development.

He highlighted Pakistan’s rich history and strategic location, and Germany’s resilience and leadership in science and technology, noting the enormous potential for expanded trade and investment. Strengthening this partnership promises mutual economic growth and development, he added.

Published in Dawn, August 7th, 2024