Daily Times

Pakistan should convince Australian investors to set up the latest and hi-tech industries with technology transfer by promoting direct linkages and providing a favorable business climate in Pakistan.

This was stated by Dr Geoffrey Shaw, high commissioner of Australia, while talking to a delegation of the Faisalabad Chamber of Commerce and Industry (FCCI) that met him in a local hotel under the leadership of its president Engineer Hafiz Ihtasham Javed.

He said both countries have huge untapped potential and “we must adopt a win-win strategy to give a quantum jump to bilateral trade”. He said that Pakistan had just nominated a new high commissioner to Australia, who is expected to assume his office in Sydney within the next couple of weeks.

He said Pakistani diplomats must establish close liaison with Australian investors and convince them to divert their investment towards Pakistan. He also mentioned geopolitical situations 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 field of health and food processing but they were facing challenges of halal certification, etc. About desalination of water, he said that the embassy had limited research funds but they could work on this issue in collaboration with Pakistani stakeholders. He said 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,” he added.

Earlier, 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 60-70pc of total investment, hence Australian investors should avail this opportunity. Azhar Shah, country manager Austrade, said that Australia was appointing business managers to different areas of Pakistan with a mandate to explore the specific potential of that particular area for business promotion. He also stressed the need for continuity of economic policies.

Later, Ihtasham Javed presented the FCCI shield to Dr Geoffrey Shaw. Ms Ashleigh Light, Ms Lauren Waugh, political secretary, Matten Amin, program officer, Rashid Munir, Atif Munir, Abdul Muqeet were also present.