Pakistan PM, Gilani woos Germany, encourages Germany to export franchises

FRANKFURT, Dec 1 (APP):  Prime Minister Syed Yusuf Raza Gilani on Tuesday urged the German private sector to explore the vast untapped areas and invest in Pakistan to boost their profits and strengthen economic and trade ties between the two countries. In a keynote address at the “Fifty Years of Bilateral Investment Treaties Conference”, the Prime Minister said with increased economic cooperation their relationship, like the one two countries forged fifty years ago, can have a transformational impact on Pakistan and the world.

Prime Minister Gilani described the new treaty concluded earlier in the day between the two countries as a strategic initiative and a win-win scenario saying it would redefine and upgrade their economic relationship in the twenty-first century. “The new instrument is more investment friendly. It builds upon our long-standing corporate relations and takes them into a new era of mutually beneficial collaboration,” Gilani told the participants of the conference being partnered by Pakistan to commemorate the first investment treaty of its kind signed between a developing and a developed country, back in 1959.

Gilani said Pakistan with its market of 170 million people, a strategic location, at the cross roads of China, the Middle East and Central Asia, with a Free Trade Agreement with China and several more in the pipeline, has a vast agro-base and mineral potential. He said the country also provides an abundant human resource and an investment climate, rated highly for its business friendliness.

He said all sectors of Pakistan’s economy were open to business and foreign companies can start business without approval or sanction on hundred percent equity basis. He said foreign investments were given national treatment and remain fully protected by law. The prime minister mentioned that Pakistan has signed bilateral investment promotion and protection agreements with 47 countries of the world. “We have established Special Economic Zones (SEZs) where investors enjoy additional facilities. You can freely remit royalty, technical & franchise fee, capital, profits and dividends and enjoy high rates of return.”

He said the Pakistan Board of Investment has been mandated to facilitate and assist foreign investors adding that it will “hold your hand to fast-tack your projects under one window.” “As we seek to build a better future, for ourselves, for the region and the world, I invite you to become our partner. Like the investment treaty fifty years ago, it is time for another first. Let us take another step forward in our common pursuit for happiness and prosperity.”

The prime minister said the first step that was taken by Germany and Pakistan fifty years ago has now become a global norm and around 2600 Bilateral Investment Treaties among 179 countries have been signed so far and forming an integral part of the global financial architecture. “By guaranteeing German investments protection and facilitation, it opened the gateway for participation by German corporate sector in Pakistan’s development. It was a path breaking, norm making achievement,” he added. Prime Minister Gilani said Pakistan and Germany enjoy close and cordial friendly relations in all fields. “We deeply appreciate the support we have received from the German Government and people.  Your development assistance, your strong contribution to the Friends of Democratic Pakistan and your supportive role in the European Union, are all acknowledged with gratitude.”

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