Australian envoy stresses exploring new avenues for trade with Pakistan
Says Pakistan and Australia have significant prospects to uplift bilateral relations and investment
PHOTO: REUTERS
LAHORE:
Australia and Pakistan should actively explore new avenues to expand trade and investment as both countries have significant prospects to uplift bilateral trade and investment, said Australian Trade Commissioner Mark Morley.
While speaking at the Lahore Chamber of Commerce and Industry (LCCI), he applauded the bilateral relations between the two countries, saying Australia and Pakistan were good partners who enjoyed long-standing cordial relations built on strong business-to-business and people-to-people connections.
He said that Australia wanted to enhance cooperation with Pakistan in fields of mining technology, education, dairy, livestock and other sectors.
While stressing on frequent exchange of business-related delegations, he pledged full support from his country to Pakistani trade delegations.
“Pakistani goods are best of the best in the world and have a huge potential in the Australian market therefore, Pakistani businessmen should focus on joint ventures with Australian counterparts,” he insisted.
Also present on the occasion, Australian Trade Commission Business Development Manager Imran Saeed Khan urged both countries to identify new products for trade.
He invited sector-specific delegations from Pakistan to Australia to attain first-hand knowledge regarding trade and investment opportunities.
“Private sectors of the two countries can establish joint ventures in food, energy, dairy, livestock and other sectors,” he said.
Speaking on the occasion, LCCI President Irfan Iqbal Sheikh informed the Australian delegation that the chamber had declared fiscal year 2019-20 as the year of exports.
Quoting figures, he added that the balance of trade has been in favour of Australia; however, he expressed concern that bilateral trade was following a decreasing trend for the past couple of years.
Sheikh said from 2017 to 2018, the two-way trade dipped from $870 million to $636 million.
He was of the view that the major reason behind the decline was significant fall in imports from Australia during the period.
Meanwhile, exports to Australia inched up from $237 million to $246 million, he added.
“It will not be wrong to say that the two countries have a trade potential of $2 billion,” said Sheikh, adding that the public and private sectors to make joint efforts to achieve it.
He said that Australia imported surgical instruments, tractor parts and accessories, furniture, articles of apparel, jewellery items, footwear and pharmaceuticals from other countries in sufficient volume.
“There is immense potential for Australia to enhance the import of these commodities from Pakistan and increase trade volume between two countries.”
The LCCI official also added that the country has a well-developed dairy and livestock sectors and Pakistani counterparts can benefit from Australia for enhancing milk and meat production.
Published in The Express Tribune, October 20th, 2019.
Australia and Pakistan should actively explore new avenues to expand trade and investment as both countries have significant prospects to uplift bilateral trade and investment, said Australian Trade Commissioner Mark Morley.
While speaking at the Lahore Chamber of Commerce and Industry (LCCI), he applauded the bilateral relations between the two countries, saying Australia and Pakistan were good partners who enjoyed long-standing cordial relations built on strong business-to-business and people-to-people connections.
He said that Australia wanted to enhance cooperation with Pakistan in fields of mining technology, education, dairy, livestock and other sectors.
While stressing on frequent exchange of business-related delegations, he pledged full support from his country to Pakistani trade delegations.
“Pakistani goods are best of the best in the world and have a huge potential in the Australian market therefore, Pakistani businessmen should focus on joint ventures with Australian counterparts,” he insisted.
Also present on the occasion, Australian Trade Commission Business Development Manager Imran Saeed Khan urged both countries to identify new products for trade.
He invited sector-specific delegations from Pakistan to Australia to attain first-hand knowledge regarding trade and investment opportunities.
“Private sectors of the two countries can establish joint ventures in food, energy, dairy, livestock and other sectors,” he said.
Speaking on the occasion, LCCI President Irfan Iqbal Sheikh informed the Australian delegation that the chamber had declared fiscal year 2019-20 as the year of exports.
Quoting figures, he added that the balance of trade has been in favour of Australia; however, he expressed concern that bilateral trade was following a decreasing trend for the past couple of years.
Sheikh said from 2017 to 2018, the two-way trade dipped from $870 million to $636 million.
He was of the view that the major reason behind the decline was significant fall in imports from Australia during the period.
Meanwhile, exports to Australia inched up from $237 million to $246 million, he added.
“It will not be wrong to say that the two countries have a trade potential of $2 billion,” said Sheikh, adding that the public and private sectors to make joint efforts to achieve it.
He said that Australia imported surgical instruments, tractor parts and accessories, furniture, articles of apparel, jewellery items, footwear and pharmaceuticals from other countries in sufficient volume.
“There is immense potential for Australia to enhance the import of these commodities from Pakistan and increase trade volume between two countries.”
The LCCI official also added that the country has a well-developed dairy and livestock sectors and Pakistani counterparts can benefit from Australia for enhancing milk and meat production.
Published in The Express Tribune, October 20th, 2019.