Ambassador of Austria Axel Wech has said that there was great potential for stronger economic ties between Pakistan and Austria, adding that the Lahore Chamber of Commerce and Industry (LCCI) can play an effective role in multiplying the existing volume of bilateral trade.
Austrian diplomat suggested that frequent exchange of trade delegations and single-country exhibitions could prove vital to strengthen bilateral trade.
He said that Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany.
To meet with increased competition from both EU and Central European countries, particularly the new EU members, Austria is emphasising knowledge-based sectors of the economy by deregulating the service sector.
Speaking on the occasion, LCCI President Ijaz A Mumtaz said the current volume of bilateral trade had the potential to increase.
Published in The Express Tribune, October 15th, 2014.
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