A seven-member strong Austrian business delegation led by Austrian ambassador had business to business meetings with their Pakistani counterparts at the Lahore Chamber of Commerce and Industry (LCCI). Speaking on the occasion, Austrian Ambassador Ms. Andrea Wicke said that collaborative efforts can take the two-way trade to new heights and business to business meetings between the private sectors of the two countries can be extremely beneficial in this regard. She said that economic ties are crucial because they improve interpersonal interactions, which in turn promote collaboration in all spheres of life. Ms Wicke was of the view that connections between universities can encourage interactions too.

She expressed her deep commitment to the Pak-Austria University of Applied Sciences in Haripur and said the model of educational collaboration should be promoted by both nations and with other European countries. Austrian Embassy’s Commercial Counsellor and Trade Commissioner Johannes Brunner said the LCCI president has set a very attainable goal of $1 billion for the bilateral trade. He hoped that by working together, the mutual trade might be increased to $10 billion. Brunner said that Austria is willing to share knowledge with Pakistan in a number of economic fields.

He said that Austrian businesses are already working in a number of industries, including wastewater treatment and infrastructure development. Both nations can improve their cooperation in information technology and tourism too, he added. LCCI President Kashif Anwar said that Pakistan and Austria have been enjoying excellent and cordial diplomatic relations since 1956, but these relations are yet not reflected in the trade volume. According to the State Bank of Pakistan statistics, the total trade volume between Pakistan and Austria was around 154 million dollars in 2020-21 and increased to 175 million dollars in 2021-22.

He said that Pakistan’s exports to Austria were around 20 million dollars during 2020-21 and increased to around 28 million dollars in 2021-22. On the other hand, Pakistan’s imports from Austria were 143 million dollars during 2020-21 and increased to 175 million dollars in 2021-22, he added. He said that Austria is one of the most diversified economies in the EU with a strong industrial capacity and also a well-developed services sector. The relationship between Pakistan and Austria is multi-dimensional as various Austrian companies are successfully operating in Pakistan, he said.

The business activity of the Austrian companies, such as Andritz Hydro, ILF, Red Bull or TÜV Austria, is seen positively, he added. Senior Vice President Zafar Mahmood shared with the participants of the meeting that Austrian delegates belonged to diversified sectors including engineering, automotive, electro medical, construction, housing, water management, healthcare, wellness, and skiing.

Credit : Independent News Pakistan-WealthPk