Pakistan, Germany to bolster trade ties

ISLAMABAD: In a meeting between German Ambassador to Pakistan Bernhard Stephan Schlagheck and Minister for Economic Affairs Hammad Azhar on Monday, it was agreed that Pakistan and Germany will work closely for the facilitation of the business community by establishment of joint ventures, promoting trade delegations and improving the transfer of technology.

An official statement following the meeting informed that the confidence in existing development cooperation in different areas is at an all-time high.

Minister Azhar congratulated Bernhard Schlagheck on successfully concluding the bilateral negotiations in which the German government committed 109 million Euros for various projects in priority sectors.

The German ambassador was briefed about the current and planned development priorities of the Pakistani government and the renewed focus on transparency, institutional reforms, poverty alleviation and sustainable development. The minister expressed that the strengthened cooperation between the two sides will lead to projects geared towards the betterment of the people of Pakistan.

Stephan Schlagheck accentuated on a closer contact between the German embassy and Pakistan’s economic division for increasing trade and market access while providing technical and vocational training for sustainable economic development.

With development cooperation that dates back to 1961 and a funding volume to date totalling more than 3 billion Euros, Pakistan and Germany aim to further bolster these ties.