A German semi-government organization on Tuesday has shown its interest for investment in cyber security technology in Pakistan.
The German Emirati Joint Council for Industry & Commerce (AHK), which is a German semi-governmental organization and member of the world-wide German Chambers Network, has expressed its intention to invest in cyber technology, officials at Board of Investment (BoI) claimed here on Tuesday.
The AHK promotes and supports trade relations between Germany and the United Arab Emirates, Oman, Qatar, Kuwait and Bahrain and in particular supports German companies in building up and extending their business in the region.
The development was shared during a meeting between Secretary BOI Fareena Mazhar and Christian Boettcher, First Secretary, Embassy of Germany in Pakistan who along with Muhammad Usman, Pakistan Representative at AHK visited the BoI on Tuesday to discuss cyber security technology investment opportunities in Pakistan.
As per a statement issued after the meeting, the First Secretary informed that three German companies have decided to invest in Pakistan and have already registered themselves. Boettcher and Usman were appreciative of the potential of Pakistan’s IT sector and said that they will soon be sharing their business proposals with BoI.
They further added that they intend to organize a business event of German companies in Pakistan by the end of June (subject to Covid-19 situation) and shared that the purpose of the event will be match-making with Pakistani SMEs.
During the meeting the outcomes of the recent German delegation’s visit to Pakistan were also discussed.
Elaborating the opportunities available in cyber security, Fareena Mazhar shared that Pakistan’s information technology (IT) industry is among the top 5 net exporters of the country.
She said that there is zero Income Tax on IT exports till June 2025 with 100% equity allowed for foreign investors.