ISLAMABAD, Nov 2: Pakistan would welcome long-term strategic partnership with German investment forums in the fields of food processing, fishing industry and coal excavation projects.
These views were expressed by Commerce Minister Abdul Razak Dawood here on Friday in his meeting with German Ambassador Dr Christops Brummer.
Razak Dawood apprised the ambassador of the rich potentials of investment in the areas of food processing, engineering, chemicals and coal power generation.
The minister further said that to encourage free trade market access, the government’s role in food business was shrinking and it would be only confined to wheat procurement in future.
Razak Dawood also expressed his desire of launching joint ventures by the German investors with Pakistani automotive and food storage and preservation industries.
Keeping in view the increasing demand of Pakistani fish, the German investment in installing a new fish harbour or equipping the already installed harbour will surely boost bilateral economic activity, he added.
Secretary Industries Dr M Akram Shaikh, while giving an overview of Thermal coal development, said that Pakistan needed 1,000 mw additional power production every year, for which it was relying on its 75 billion tons Thar Coal reserves.
He said as Germans were known for ignite based excavation skills, Pakistan was ready to collaborate in offering an independent block to them or evolving a strategic partnership with other multinational firms.
German Ambassador Dr Christops Brummer said that there was a dire need of changing the perception about investment in Pakistan because most of international firms were selling Pakistani finished goods with their own brand names.
He also extended the invitation to Pakistani exporters for participating in “Berlin Agriculture Fair” scheduled in February 2002.
Talking to Chinese ambassador Lu Shulin, the commerce minister said that greater growing prospects exist between Pakistan and China for bilateral trade and investment in the areas of textile, machinery, leather goods and tobacco.
Razak Dawood highlighted three major areas of trade which include polyester (fibre/chips), strategic cooperation in certain areas of textile and leather products, where Chinese investors can come forward for further cooperation and complimenting.
He further said that as China was a world great market of polyester, but it was facing shortage of grey cloth, which Pakistan could provide as a collaborative partner.
The Minister said that Pakistan had the capability of producing 200,000 tons of surplus fibre which could be utilized by Chinese grey cloth importers.
Razak Dawood also desired that as decided earlier, Chinese government may establish 50 to 100 million dollars revolving funds for line of credit for import of textile machinery from China.
The Minister said that he was expecting an invitation from his counterpart from China so that a business delegation could be sent to China to do the ground work on trade matters, which would be followed by his visit to finalize concrete proposals before the visit of President of Pakistan to China.
Chinese ambassador Lu Shulin hoped that Chinese entry to World Trade Organization (WTO) would further augment its efforts of helping here friends like Pakistan.—APP