Azur Solar GmbH, a well reputed German solar company, signed a Memorandum of Understanding (MOU) with Raza Impex Pvt Ltd Pakistan during the visit of the Prime Minister of Pakistan Syed Yousuf Raza Gilani to Germany. The signing ceremony was attended by the officials of German Ministry of Economics and officials of Pakistan Board of Investment (BOI).
The two companies have agreed to enter into a joint venture for installation of a 50 mega watt solar power plant in Pakistan. Mr. Bernd Sauter, CEO, signed the MOU on behalf of Azur Solar whereas Mr. Zafar Hussain, CEO, and Mr. Khurram Bilal, Managing Finance Partner signed it on behalf of Raza Impex Pakistan. The signing was witnessed by the Board of Investment of Pakistan.
Board of Investment (BOI) Chairman, Mr. Saleem H. Mandviwalla, and Honorary Investment Counsellor of BOI in Germany, Mr. Sikander Mir-Kohler, have played a very active and effective role in bringing the private sectors of the two countries closer together in an unusual way.Furthermore Mr. Mir-Kohler is determined to offer one window facilitation services for an early and solid realisation of the project.
The signing of this MOU will bring German technology and know-how to Pakistan in the area of alternative energy. Presently Pakistan is facing acute shortage of electricity and the Democratic Government of Pakistan encourages renewable energy to bridge the short fall and to provide local people with cheap and affordable energy.
The Prime Minister of Pakistan is in Germany for a two-day state visit and to attend the 50 Years of Bilateral Investment Treaties Conference organized by the German Government. In 1959 Pakistan and Germany signed the first ever Bilateral Treaty of the World.
Germany is a very important investment partner of Pakistan and many German companies are operating in Pakistan. The two countries have replaced their 50-year-old Bilateral Investment Treaty (BIT) with a more dynamic and pragmatic Investment Treaty which was signed in Berlin in the presence of Pakistani Premier and German Chancellor. The new Treaty envisages a dynamic era of investment relations between the two countries. The signing of the MOU between Azur Solar and Raza Impex is a very significant example for stepping again into the pioneer footprints of the relationship of both countries