Vice President of Lahore Chamber of Commerce and Industry Syed Mahmood Ghaznavi while addressing a meeting of the Australia Pakistan Business Council here on Friday has said that Australian investors should come forward and explore the huge potential existing in Pakistan for foreign direct investment in South Asia.
He said Australian technology and experience in power generation, agriculture, livestock, sports goods, IT, health and education sectors of Pakistan could play vital role in the country's economic uplifting. "Pakistan has extensive natural resources including oil and natural gas reserves. It has also fourth-largest coal deposits in the world besides a huge potential to produce hydropower, thus offering opportunities to Australian business people," he added.
He stressed upon the need for an enhanced bilateral trade between the two countries and said both countries could give a boost to bilateral trade to US one billion dollars with some concerted efforts at public and private levels. He said the dairy and livestock sector is growing well in Pakistan and that there is still potential for growth that could be explored through joint ventures between Pakistani and Australian businessmen.
He said Pakistan is an agro-based economy but unfortunately, most of excessive agriculture produce wasted because of lack of post-harvest technology. Pakistan is striving hard to strengthen its agro-based and dairy industry. In this regard, the professional expertise of the Australian agro-based industrial sector could be very helpful, he added.
Australia Pakistan Business Council President Rana Iftikhar pledged to work for strengthening the trade and economic ties between the two countries. Pakistan Consul General in Australia Abdul Aziz, Australian Parliament Member Toni Issa and other members were also present.
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