Karachi : Germany asked Pakistan on Friday to rethink its stand on death penalty as it would affect both investment opportunities and Islamabad’s image in Europe.
Addressing the representatives of Pakistan German Business Forum (PGBF) and Germany Pakistan Trade and Investment (GPti) at a local hotel, German State Secretary of the Federal Foreign Office, Stephan Steinlein, said Germany was in talks with the Pakistani government on the lifting of the moratorium on death penalty. “It’s a problem for your (Pakistan) image in Europe and Germany.”
Mr Steinlein is leading a high-level delegation of German Foreign Office and representatives of major business groups. On the occasion, he was accompanied by German Ambassador to Pakistan, Dr Cyrill Nunn, and Consul General of Germany in Karachi, Dr Tilo Klinner.
Hoping that the merger of PGBF and GPti will eventually pave the way for Pakistan-German Chamber of Commerce and Industry, Mr Steinlein said the Ministry of Commerce is reluctant to go ahead with the chamber because there were not enough German companies working in Pakistan.
The delegation, which has been in Pakistan for two days, “is fascinated by the talks. It’s the right time to come to Pakistan”, he said. However, he swiftly added that German investors were also reluctant to enter the Pakistani market due to various reasons, with law and order situation being a prime concern.
Stressing the importance of Pakistan’s geographical location, he said: “Better relations with India will significantly improve business prospects for Pakistan.”
Talking about the initiatives in the offing, he said a conference on mega cities will be held in Karachi.
In his speech, Director GPti Qazi Sajid Ali appreciated the visit of the German delegation. He dispelled the notions of corruption, abuse of women and children at workplaces, low regard of intellectual property rights and price fixation in Pakistan.
Pakistan and Germany signed a treaty in 1959 to protect and promote investment, he said, and stressed that Islamabad offered an enabling environment to German investors.
PGBF Vice-President Nooruddin Karim and Barbara Schumacher, personal assistant to Mr Steinlein, also addressed the event.
KSE VISIT: Earlier in the day, Mr Steinlein visited the Karachi Stock Exchange where he initiated the trading session with the opening bell ceremony.
He was accompanied by senior officials of German Foreign Office and representatives of major business groups including, Volkswagen, Bombardier Transportation, MAN Diesel & Turbo, Siemens, Voith Hydro, German Investment and Development Corp and others.
He said that several major German companies were working in Pakistan, such as Siemens and Voith Hydro, and more had put Pakistan on their radar screen.
Responding to a question regarding his visit to the KSE, he said financial sector development including the capital markets was a major indicator of economic development. He affirmed that he was impressed by the reforms in Pakistan‘s capital market, and particularly the good performance of the market in the last few years.
The State Secretary said that the potential for trade between Pakistan and Germany was enormous and his country was looking at ways to translate that potential into reality in partnership with the Pakistani government.
“At the same time, it is important for Pakistan to further advance in the areas of positive developments in the law and order situation, improved governance environment and reduction in red tape,” he said.
KSE’s Managing Director Nadeem Naqvi welcomed the German guests and highlighted key developments at the bourse, including demutualisation, new product development, plans for SME (small and medium enterprises) counter, investor awareness campaign and improved outlook for listing of new companies.
