Pakistan's Honorary Investment Consul in Australia, Ayesha Bux has said the agriculture, livestock and education are the key sectors wherein Pakistani businessmen can take advantage of Australian technological advancements to play their role for economic turnaround of the country.
She was speaking at the Lahore Chamber of Commerce and Industry (LCCI) here on Saturday and was also leading the two-member delegation. She stressed the need for frequent exchange of business-related delegations so that both the sides could have first-hand knowledge of the available opportunities. She was of the view that Pakistani businessmen would have to make frantic efforts for improving the image of the country, because most of the investors are reluctant to invest in Pakistan.
The Pakistani goods are best of the best in all over the world and also have huge potential in the Australian market, she said. By joining hands with Australian experts, Pakistani businessmen would be in a better position to tackle economic issues being faced by them due to global recession, she added.
Senior Vice President LCCI, Sheikh Mohammad Arshad gave an update to the visiting delegation on Pakistan's economy and available opportunities in Pakistan and said the role of chambers of commerce and industry, honorary consuls, sector specific associations cannot be underestimated.
He said that in comparison to other markets of equivalent size and proximity, the bilateral trade relationship between Pakistan and Australia is ordinary and Australian investment in Pakistan is very limited. Total two-way trade as compared with $578 million in 2007, was $659 million in 2008-09. It has been heavily favouring Australia as Pakistan's imports and exports were worth $478 million and $181 million respectively, he said.
The recent statement given by Australian High Commissioner to Pakistan, Tim George while speaking at meeting of the Overseas Investors' Chamber of Commerce and Industry held in Karachi is really encouraging wherein he said the Australian government intended to bring its investors, particularly those based in Dubai, to Pakistan.
He said that an Australia-Pakistan bilateral trade agreement was signed on 12 July 1990 that commits both the parties to "facilitate, strengthen and diversify" trade. Australia and Pakistan have a Joint Trade Committee mechanism to discuss opportunities to expand bilateral trade and investment, he added.
"We are hopeful that this forum will spearhead the efforts of increasing economic and trade relations between two countries," he said and added the model of striking franchise deals with the multinational companies, whose brands have gained international recognition over the years, is quite successful here in Pakistan. We from the platform of LCCI are here to facilitate such initiative and can be involved from first to last stage in order to ensure conformance, he asserted.
Muhammad Arshad said that Australia and Pakistan are actively exploring avenues to expand trade and investment, particularly through agro-business and agricultural science linkages. There are prospects for growth in trade and investment particularly in the field of agribusiness, education, mining for oil and gas exploration, IT and communications and development of processed foods.
The future sectors that may provide opportunities for Australian trade and investment in Pakistan include medical technologies, infrastructure investment and energy technologies etc. With extensive natural resources, including oil and natural gas reserves, the fourth-largest coal reserves in the world and potential for hydropower, Pakistan offers opportunities for Australia's mining expertise, he added.
He stressed the need for increasing the magnitude of interaction between the businessmen of the two countries through exchange of frequent business delegations, holding single country exhibitions, organising business-promotion conferences and publishing market intelligence reports and said all these steps will help bridge the gap between the private sectors of both the countries. Vice President LCCI, Sohail Azhar also spoke on the occasion.