Australia promises cooperation in trade

Offers assistance in improving crop yields, oil and gas exploration.

LAHORE:

Australia has pledged sector-specific cooperation with Pakistan in a bid to increase the volume of bilateral trade that has yet to reach a billion-dollar mark.

Australian High Commissioner Peter Heyward made the pledge while speaking at the Lahore Chamber of Commerce and Industry (LCCI) on Monday.

The diplomat saw tremendous potential for investment and trade between the two countries that should be explored through exchange of delegations and joint ventures.

He pointed out that Australia had the potential to invest in specialised sectors like livestock and fruit farming including mango and citrus which could penetrate the Australian market because of their better quality and exceptionally good taste.

The high commissioner also offered assistance to Pakistan in building capacity of its professionals as well as expertise in improving agricultural productivity, post-harvest value addition, production of dairy products and livestock, food processing, mining and oil and gas exploration.

He asked businessmen to focus and capitalise on the opportunities in the Australian textile market as Pakistani textiles had good prospects there.

He, however, stressed that both Pakistan and Australia needed to work more closely in agriculture, energy, education, engineering and social sectors. In order to gain first-hand knowledge of available opportunities, he called for frequent exchange of business delegations between the two sides.

The diplomat told the businessmen that they could take advantage of Australian technological advancements in achieving an economic turnaround. Pakistan could learn from Australian expertise in training as the Australian Training Modules were the best in the world.

LCCI President Farooq Iftikhar highlighted that Australia was engaging in over $500 billion worth of business with the world, but trade with Pakistan was just over $800 million which underlines the need for more interaction.

Pakistan’s imports from Australia stood at $651 million a year whereas exports were even lower at $200 million.

“Had policymakers taken the low export volume into consideration, the bilateral trade volume would have crossed the $1 billion mark,” he remarked. Though exports had increased about $30 million compared to a year earlier, this was negligible, he said.

Iftikhar described Australia, which has developed an excellent education base, as a suitable destination for Pakistani students to get higher education. However, strict eligibility requirements for internship programmes did not allow them to seize the opportunity to gain hands-on experience in Australia’s corporate sector.

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

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