LAHORE, April 24: Mr Partrick Heinz, head of Economics, German Embassy, on Tuesday said a high-powered business delegation from Germany will visit Pakistan in November to explore possibilities of joint ventures.

Speaking at the Lahore Chamber of Commerce and Industry, he said the economic reforms initiated by the government had made Pakistan one of the fastest growing economies in South Asia.

He said an Investment Protection Agreement between Pakistan and Germany was being reviewed to tailor it according to the present day needs. The document, after finalisation, would pave way for more German investment, he added.

He stressed the need for a rapid exchange of delegations and a frequent interaction among the business communities of the two countries to help increase direct foreign investment in Pakistan.

On the occasion, LCCI President Shahid Hassan Sheikh said Germany needed to increase its imports from Pakistan for the benefit of both the countries.

He said people-to-people contact, exchange of business information and trade delegations, besides holding of single-country exhibitions could play an important role in promoting economic relations between the two countries.

Shahid Sheikh said Pakistan’s exchange rate made its products cheaper to import. He said Pakistan had immense scope for investors in information technology, civilian nuclear technology, alternate energy technology, telecommunications, textiles (value addition), oil & gas, power, food & food processing, cool chain system, motor vehicles, tractors, machinery, dairy processing & equipment, SMEs, engineering, tourism and services etc.

He said Pakistan was strategically located with cheap labour and abundant raw materials.