LAHORE, April 24: German Commercial Attaché Patrick Heinz has said that the final decision on bilateral investment protection agreement with Pakistan is expected by the end of this year.

Talking to acting President of Lahore Chamber of Commerce and Industry, Mian Muzaffar Ali, along with German diplomat Andreas Dauth and Honorary Consul General Aneesur Rehman, here on Thursday, he said that negotiations were under way between Pakistan and Germany on the text of the proposed agreement.

He said that he was optimistic about increase in the volume of trade with Pakistan as a number of German companies, including IT giant SAP, were planning to come here.

He said that Germany was the biggest trading partner of Pakistan in the European Union and the German embassy was making efforts to further increase bilateral trade and investment.

Interaction between the business communities of the two countries through exchange of trade delegations could help increase foreign direct investment in Pakistan, he added.

Mr Heinz said that Germany had the largest economy in the EU with a highly developed infrastructure. About two-thirds of major trade fairs were held in Germany. Pakistani entrepreneurs could participate in these fairs for promotion of their businesses, he said. LCCI acting president Mian Muzaffar Ali said that the establishment of democratic government in Pakistan was a very positive signal for foreign investors.

Pakistan had a potential for foreign investment due to establishment of Gwadar Port and gradual development of South Asia as an economic region. Doing business in Pakistan is also easier than other countries in the region, he said.