Australia calls for tapping trade potential

Sees textile, dairy, agri mechanisation as areas of cooperation.

FAISALABAD: Australia has underlined the need for tapping the trade potential to strengthen relations with Pakistan, identifying the areas of textile, dairy products and agriculture mechanisation that offer handsome trade and investment opportunities.

Australian High Commissioner in Pakistan Peter Heyward, while speaking to members of the Faisalabad Chamber of Commerce and Industry (FCCI) on Tuesday, stressed that Australia and Pakistan enjoyed a longer and productive economic relationship with historic similarities and huge potential existed for both the countries.

“Australia is already providing technical assistance in dairy development and other areas,” he said.

Heyward said more than 100 students were being provided scholarships by the Australian government for study there, adding Australia was providing assistance to improve the standard of education, particularly technical education.

Australia is also promoting technology along with developing business and investment opportunities in the private sector, which will allow trading partners in Pakistan to gain greater access to Australian markets and increase exports.

An FCCI trade delegation will leave for Australia next month, which will interact with the business community there and seek to deepen ties.



Heyward expressed the desire that international cricket should be restored in Pakistan, in this context he was in touch with the Australian Cricket Board. “This will encourage Australian companies to invest in Pakistan, particularly in energy and other potential areas,” he said.

However, he pointed out that sectarian and religious extremism made foreign investors reluctant and emphasised the need for improving the security situation.

Speaking on the occasion, FCCI President Mian Zahid Aslam said trade between the two countries was improving, but was still not up to the mark and left much to be desired.

Bilateral trade stood at $602 million in 2011 including exports from Pakistan at $166 million and imports from Australia at $436 million.

Major export products of Pakistan are textile and apparel products, cereals, cotton and leather while major imports are edible items, vegetable fat, cotton, fertiliser, minerals and oil.

He asked Australian companies that they could invest in energy and agriculture mechanisation and provide technological assistance. The power sector offers great investment potential to Australian companies in hydel, coal, solar, wind and renewable energy, he said.

Aslam also saw prospects for growth in trade and investment, particularly in agribusiness, mining, processed food and IT products and services.

Published in The Express Tribune, March 20^th, 2013.

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