Pakistan, Germany agree to establish Joint Ventures to facilitate business community

September 30, 2019: Pakistan and Germany on Monday agreed to work closely for facilitation of business community by enhancing transfer of technology, establishment of joint ventures and trade delegations.

The agreement was reached during a meeting between Ambassador of Germany to Pakistan, Bernhard Stephan Schlagheck and Federal Minister for Economic Affairs, Muhammad Hammad Azhar.

According to press statement issued, the Ambassador during a courtesy call on Federal Minister emphasized on a closer contact between the German Embassy and Economic Affairs Division for sustainable economic development in Pakistan through technical and vocational training, increase in trade and market access.

Both sides took stock of the existing development cooperation and expressed satisfaction at the trajectory of cooperation in different areas since 1961.

The minister thanked the German government for the grant assistance, geared towards the betterment of the people of Pakistan and congratulated Bernhard Schlagheck on successfully concluding the government-to-government negotiations between the two sides, wherein Euros 109 million were committed by the German government for various projects in priority sectors i.e. energy, governance and sustainable economic development.

Hammad informed about current and planned development priorities of the government, which included a stronger focus on transparency, institutional reforms, poverty alleviation, human resource development and green energy.

Both sides exchanged views on increasing the cost effectiveness of development assistance initiatives.

The Minister said that the government looked forward to further strengthening cooperation between the two sides and hoped to engage in projects which are geared towards the betterment of the people of Pakistan.

APP