Australian Trade and Investment Commission's Senior Trade and Investment Commissioner John Madew on Thursday held a meeting with Lahore Chamber of Commerce and Industry (LCCI) office-bearers and discussed matters relating to trade and economy. Regional Business Development Manager of Australian Trade & Investment Commission Imran Saeed Khan was also present on the occasion.
John Madew said that private sectors of the two countries should develop sustainable partnership and find out tangible ways to avail full advantage of the trade and investment potential which exists in Australia and Pakistan. He said Australia has made a considerable development in dairy and livestock sectors and its experience in these areas can be useful for Pakistan.
He said that the Australian universities are focusing on research and development which is a key to give boost to the trade and economy. He informed the house that the Australian IT companies are finding new partners therefore Pakistani IT companies should avail this opportunity. LCCI Acting President Amjad Ali Jawa said the balance of trade has remained in favour of Australia but it is a matter of concern for them that the gap between imports and exports is expanding year by year. From 2014 to 2015, the two-way trade surged from US 504 million dollars to US 714 million dollars. This increase took place due to abrupt rise in imports from Australia to Pakistan which went up from $337 million to $538 million during that period. The Pakistani exports showed some improvement but its magnitude was not sufficient enough.
The volume of exports to Australia increased from $167 million to $176 million, he said, and added that Australia has a well-developed dairy and livestock sectors and Pakistani counterparts can benefit from Australia for enhancements in milk and meat production. The livestock sector of Pakistan accounts for more than 10 percent of the GDP. Pakistan lags behind in technological innovation in agriculture and livestock. Australia should share its advanced agro-technology and expertise with Pakistan, he suggested.
Jawa said it is really appreciative that Australian government is extending liberal scholarships to the Pakistani students and at the moment more than 15,000 students are studying in various universities of Australia. The LCCI is of the view that these scholarships should be increased to offer more opportunities to the Pakistani students.
LCCI Vice President Muhammad Nasir Hameed Khan said that Pakistan is emerging globally in IT sector with young and talented pool of IT professionals and this area has great potential for mutual co-operation between the two countries. Likewise, Australia can supply LNG to Pakistan to overcome its energy issues.