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Pakistan’s Bilateral Trade surplus with Germany crosses $1 billion mark

Karachi, November 22, 2022 (PPI-OT):Mr. Irfan Iqbal Sheikh, President FPCCI, has expressed his satisfaction that Pakistan’s bilateral trade surplus with Germany has crossed psychological mark of $1 billion and there are clear indications that Pakistani exports are on a growth trajectory with the world’s fourth largest economy and the largest in Europe with a GDP of $4.5 trillion. He added that the sheer size of Germany’s economy makes it one of the most important destinations for Pakistan to prioritize for trade and industrial cooperation.

However, President FPCCI noted, exports of $2.5 billion are still way too below the real potential as there is huge demand of Pakistani textiles in Germany. It is pertinent to note that, in this regard, he has held a detailed, high-profile and fruitful meeting with German Ambassador in Pakistan, H. E. Mr. Alfred Grannas. We discussed new avenues and expansion of the current export segments to scale-up the trade and economic relations.

FPCCI President highlighted the fact that Germany is one of the very few countries in the world with which Pakistan enjoys a trade surplus. He expressed his desire to hold single-country exhibition with Germany and requested the honourable ambassador to grant visas to Pakistani businessmen on softer terms.

Mr. Irfan Iqbal Sheikh said that FPCCI is hopeful that Pakistan will get GSP+ status renewed for 10 years and this time it will be GSP++ or GSP+ 2.0 as hinted at an earlier occasion few months back by H. E. Ms. Androulla Kaminara, EU’s former Ambassador for Pakistan.

Mr. Irfan Iqbal Sheikh highlighted that the key to enhancing exports to Germany lies in maintaining quality at all costs; exploring unconventional product categories; expanding the share of services’ sectors in Pakistani exports to Germany; offering cost-competitive IT and IT-enabled services and exporting skilled and semi-skilled workforce to Germany.

FPCCI Chief pinned his hopes that the future of Pakistan-Germany relations should inculcate knowledge sharing; technology transfers; joint ventures in various industrial sectors; defense and strategic cooperation; capitalizing on Pakistan’s 65 percent young population through skills development and empowerment of vulnerable groups like, labourers, women, children and minorities.

H. E. Mr. Alfred Grannas maintained that Germany is ever-willing to expand its trade and economic relations with Pakistan and German Embassy will extend full cooperation in enhancing B2B linkages. He apprised that Germany wants to expand technical and vocational training programs for Pakistan; more scholarships to study in Germany; facilitation in market access and socioeconomic uplift.

For more information, contact:
Head Office,
Federation of Pakistan Chambers of Commerce and Industry (FPCCI)
Federation House, Main Clifton, Karachi, Pakistan
Tel: +92-21-35873691-94
Fax: +92-21-35874332
Email: info@fpcci.org.pk
Website: http://fpcci.org.pk/