Pakistan and Germany sign enhanced version of BIT

[LahoreEstate]

RECORDER REPORT
KARACHI (November 21 2009): Pakistan and Germany have broken new ground by signing the enhanced version of Bilateral Investment Treaty (BIT). This was stated by Saleem H Mandviwalla, chairman of Board of Investment (BoI), along with Asghar Abbas Rizvi, Director-General of BoI, while talking to media persons at a press conference held at BoI office here on Friday.

He said that Pakistan and Germany have become the first two nations in the world who have signed the enhanced version of BIT and the investment in this regard would come under the state insurance of Germany. He further said that the modalities of the agreement would hopefully be finalised by the premier in his visit to Germany, which is scheduled in the first week of next month.

Mandviwalla said that some five German companies are keen to invest in Pakistan but presently it is quite premature to say about their priority sectors and the expected investment. He termed the agreement as landmark achievement by the incumbent political government.

The BoI chief said that the government will be sending a delegation belonging to both public and private sectors to the two states of America including Houston and New York in December to attract foreign investment in the energy sector, particularly. "We are fighting the war of the world and we need support in this regard, which would not only help Pakistan but it would also propitious for the world", he said.

He said the trade could only resolve the problems being confronted by the country and urged the international community to support Pakistan on this direction. Mandviwalla said that Japan has finalised Mitsubishi and others as the partners for establishing Japan Special Economic Zone (JSEZ).

Moreover, he said, Japan would initially invest around $5 billion for next five years to develop the infrastructure of JSEZ, and added that the first phase of the project would be completed within next two years. He said that the government of Pakistan has assured its full support to the foreign entrepreneurs in terms of security

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