Germany is keen to improve its trade and investment ties with Pakistan, primarily in the area of small and medium-sized enterprises (SMEs).
During the visit to the Pakistan Stock Exchange on Wednesday, German Consul General Eugen Wollfarth said:
We see growing interest from the SMEs and this is a vast domain where trade and bilateral relations could be extended.
SMEs are termed the backbone of the German economy as they’re responsible for a major share of exports from the country. In fact, 99.6% of all companies in Germany are SMEs and employ nearly 60% of the entire workforce of the European economic powerhouse.
Some of these SMEs are global leaders in their respective industries such as Bayer, BASF, Daimler, Volkswagen and Siemens which contribute extensively to the country’s manufacturing industrial base.
Back in October 2018, a German business delegation paid a five-day visit to Pakistan. Wollfarth noted that substantial efforts were made to attract businessmen from big companies, however, most of them were already present in Pakistan.
The report also stated that a proposal was discussed to transform the German-Pakistan Chamber of Commerce and Industry to bring it on a par with German standards.
Wollfarth pointed out that such a move would lead to more German businessmen visiting Pakistan.
He anticipated that the ongoing stabilization programme in Pakistan would bear fruit. “The good news is that Pakistan will continue stabilization in the country,” the consul general said, referring to the announcement of second mini-budget later in the day.
He insisted that the stock exchange was an important and integral part of an economy as it promoted investment.
“If the two nations can do something… together with the stock exchange or other financial institutions, the German side is prepared to (invest),” he said. “Let’s look forward and hope for a good day, a good month and a year to come.”