Zeeqaad 15, 1427

December 7, 2006

Austrian businessmen desire more trade and cooperation with Pakistan

“The Austrian business community is now again looking for investment and trade opportunities in Pakistan and for this reason the Austrian Trade Marketing Office is being inaugurated in Karachi. We believe that this is the first step towards a very strong bilateral economic cooperation between the two countries.” This was stated by Dr Richard Schenz, Vice President Austrian Federal Economic Chamber who led the first-ever Trade Delegation from Austria to Karachi in a meeting with Majyd Aziz, President, and members of the Karachi Chamber of Commerce and Industry.

Dr Schenz added that his Chamber believed that “economic sanctions do not bring any advantage to anybody. One needs to achieve results thru negotiations, understanding, and acceptance of each other’s views.” He informed that Pakistan and Austria have had a very long-lasting relationship based on mutual and bilateral cooperation but the trade figures are not substantial and are in favor of Austria. He said that the bilateral trade is about 200 million euros but the potential is much higher. This is one reason why Austria is seeking more bilateral economic activities. He advised the audience that politics follows economy and so it is imperative that economic activities should be in the lead.

Dr Schenz further added that Austria has extensive expertise in Environmental Technology, Communication Systems, Traffic Systems, Healthcare, and Infrastructure. He however stated that though Pakistan is well known in Austria, Pakistan’s economic opportunities are still vague in the minds of many Austrian businessmen. He proposed that a Pakistan Day be organized in his Chamber in Vienna as this would promote and showcase Pakistani products and services.

Mr Michael Stigelbauer, The Austrian Ambassador in Pakistan, in his address sounded very pleased with the arrival of the first-ever trade delegation from his country and said that the Austrian Chamber is mandated by the Constitution of Austria and thus it has a very important role in the economic development of Austria. He informed that although officially it is a trade body but in actuality it is also assisting the government is drafting laws and procedures concerning economic matters. He said that the Chamber is responsible for nominating representatives as Trade Commissioners in Austrian Embassies and Consulates all over the world. He added that the Trade Commissioner plays an important role in cutting red tape and in moving things on a fast track.

Dr Wolfgang Penzias, Commercial Counselor of the Austrian Embassy in Abu Dhabi, informed that he was the Trade Commissioner is Karachi for five years and he knows very well the business community of Karachi. He said that there is a 50-60% growth in Austria’s exports to Pakistan and this is indicative of fruitful trade in the future. He said that three very important events are going to take place next year regarding the two countries. He disclosed that a single country exhibition is planned for 2007, another meeting in Vienna in May to showcase Pakistani products, and a high-level trade mission would visit Pakistan in September.

 The delegation members evinced interest in providing hospital equipment, co-generation at the Fish Harbor, water desalination and treatment plants, financial services, etc. They also disclosed that Austrian Airlines would soon commence service between the two countries.

Earlier, Majyd Aziz gave a detailed briefing about the activities of KCCI. He invited the delegation to invest in Karachi and also participate in the My Karachi exhibition in June. He mentioned various avenues where Austrian companies could participate such as effluent treatment plants, fisheries, water recycling, mega hospital projects, etc. He also called for technology transfer agreements and also support for Pakistan in European Union.