Since its inception in 1961, the German-Pakistani relationship on development cooperation has become stronger with the passage of time. While the role of development cooperation has been significant in various sectors, there is a need to further expand and strengthen bilateral relationships in the areas of trade and investment that are equally significant for achieving sustainable development outcomes.
The German G20 Presidency puts the spotlight on Africa’s economic development. In its ´Compact with Africa´, the German G20 Presidency, jointly with the African partners, wants to encourage institutional investment by pension funds and life insurers in infrastructure to encourage corporate direct investment. The objective of the “Compact with Africa” is to boost growth and jobs, promote inclusion and give people economic opportunities at home so that they do not have to leave their home country to seek subsistence elsewhere.
One of Germany’s goals under its G20 Presidency is to achieve sustainable economic progress in Africa, particularly through infrastructure investment. A concrete, actionable deliverable could be for the G20 to help support Africa50 – a new Africa-owned and led infrastructure investment initiative – get off the ground.