Pakistan should convince Australian investors to set up latest and hi-tech industries with technology transfer by promoting direct linkages and creating a favourable business climate in Pakistan.
These remarks were made by Australian High Commissioner Geoffrey Shaw during a meeting with a delegation of the Faisalabad Chamber of Commerce and Industry (FCCI).
He said that both countries had a huge untapped potential and “we must adopt a win-win strategy to achieve a quantum jump in bilateral trade”. He said that Pakistan had just nominated a new high commissioner to Australia, who was expected to assume charge in Sydney in the next couple of weeks.
He said that Pakistani diplomats must establish close liaison with Australian investors and convince them to divert their investment towards Pakistan.
He also mentioned the geopolitical situation and economic challenges and said that some Australian companies were present in Pakistan to undertake various projects related to oil, gas and road infrastructure.
He pointed out that Australian companies were also interested in working in the fields of health and food processing, but they were facing challenges of halal certification, etc.
About water desalination, he said that the embassy had limited research funds but it could work on the issue in collaboration with Pakistani stakeholders.
He said that Pakistan and Australia could also cooperate in developing new breeds of cows, adaptable to the Pakistani environment. “It will help Pakistan in the production of value-added milk products,” the envoy added.
Also speaking on the occasion, FCCI President Hafiz Ihtasham Javed said that Faisalabad had well-developed, state-of-the-art industrial estates where Australian investors could set up their industrial units with technology transfer.
He said that local investors were ready to invest 60-70% of the total investment, hence Australian investors should avail themselves of the opportunity.
Austrade Country Manager Azhar Shah said that Australia was appointing business managers in different areas of Pakistan with the mandate to explore the specific potential of such areas for business promotion.
He also stressed the need for continuity of economic policies.
Published in The Express Tribune, August 25th, 2021.
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