PHOTO: AFP
He made the remarks during a meeting on Thursday with Lahore Chamber of Commerce and Industry (LCCI) Acting President Amjad Ai Jawa and Vice President Muhammad Nasir Hameed Khan. They held comprehensive discussions on trade and economic issues.
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Madew emphasised that private sectors of the two countries should develop sustainable partnership and find out tangible ways to get full advantage of the trade and investment potential existed in Australia and Pakistan.
He pointed out that Australia had made considerable development in the dairy and livestock sectors and its experience in those areas could be useful for Pakistan. “Australian universities are focusing on research and development, which is the key to boosting the trade and economy,” he said.
Speaking on the occasion, the LCCI acting president said Pakistan and Australia enjoyed good diplomatic relations and at present both countries were engaged in cooperating with each other in many fields.
He recalled that last year two delegations from Australia - one from Sydney and the other from Canberra - visited the LCCI. Members of the LCCI also attended the Halal Expo 2017 in Sydney in February this year and held meetings with business executives there.
Jawa said the balance of trade had been in favour of Australia, but it was a matter of concern that the gap between imports and exports was expanding every year.
From 2014 to 2015, the two-way trade surged from $504 million to $714 million. This increase was due to an abrupt rise in imports from Australia, which went up from $337 million to $538 million.
Pakistan’s exports also showed some improvement, but it was not sufficient enough. Exports to Australia inched up from $167 million to $176 million.
Jawa was of the view that Australia had a well-developed dairy and livestock sector and Pakistan counterparts could seek assistance from Australia for enhancing the milk and meat production.
The livestock sector of Pakistan accounts for more than 10% of gross domestic product (GDP).
“Pakistan lags behind in technological innovation in agriculture and livestock. Australia should share its advanced agro-technology and expertise with Pakistan,” he said.
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The LCCI vice president stressed that Pakistan was emerging globally in the IT sector with a young and talented pool of IT professionals and the area had great potential for mutual cooperation between the two countries. Likewise, Australia can supply liquefied natural gas (LNG) to Pakistan to overcome its energy issues.
Published in The Express Tribune, June 23rd, 2017.
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