Australian High Commissioner, Peter Heyward, on Thursday informed business community that the next meeting of Pakistan-Australia Joint Trade Committee (JTC) would be held in Islamabad after the newly-elected government assumed charge. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI), he said that last meeting of the JTC was held in Australia.
The high commissioner said that economic relations between Australia and Pakistan were far below from its true potentials. "There are a number of areas in which both the countries can cooperate," he added. Referring to use of coal for energy production, he said that Australia was one of the largest producer of energy through coal. "A number of Australian companies are working on coal and they can help Pakistan in coal-based power generation," he added.
He also pointed out other sectors like solar energy, wind and building small dams on rivers in Northern areas for power generation, wherein the two countries can cooperate. Private sectors of both the countries had to play their role in this regard, he urged. "Australia has the biggest mining industry and the Australian companies are operating throughout the world. Several companies are also operating in Pakistan," he added.
He said that to attract Australian investment in mining sector, safety and security, licensing, flexible taxation and local contract arrangements ware imperative. "Mining require multi-billion dollars investment, hence need a lot of due-diligence. Australia can help in technical and vocational education training to produce skilled human resource," Heyward added.
The high commissioner said that Pakistan could benefit from Australian expertise in clean energy resources and green environment friendly technology. Australia's assistance to Pakistan includes support for basic health care and education. To a question he informed that to evolve business dispute resolution mechanism, KCCI should contact its Australian counterpart.
He was of the view that to practically explore the existing bilateral trade and investment potentials, research by both the countries is essential. He pointed out lack of information, confidence and trust as impediments in enhancing trade volume. KCCI President, Haroon Agar, said that signing and implementation of Pakistan-Australia Bilateral Investment Treaty would open new avenues of economic and commercial co-operation.
He expressed interest in sighing MoU with Australian chamber for mutual co-operation to enhance reciprocal trade. He said that there was a dire need to enhance people to people contact and exchange of business delegations. Former KCCI President Majyd Aziz, Senior Vice President Shamim Firpo, Vice President Nasir Mehmood and Managing Committee Members also participated in the meeting.