Pakistan’s brightening economic outlook encourages Austrians to undertake joint ventures: Gerd Bommer

Karachi, April 23, 2014 (PPI-OT): Gerd Bommer, Commercial Counselor Austria has said that positive reports about Pakistan’s economic stability, particularly during the past few months, have helped in improving the perception about Pakistan amongst Austrian businessmen who now find Pakistan as an attractive place for doing business and are thinking of undertaking joint ventures.

“Pakistan’s economic outlook is brightening up which has resulted in gaining the attention of many Austrian companies. The improved economic scenario has encouraged Austrians to do business with Pakistani counterparts”, he added while speaking at a meeting during his visit to Karachi Chamber of Commerce and Industry (KCCI) on Wednesday.

President KCCI Abdullah Zaki, Senior Vice President KCCI, Muffasar A. Malik, Chairman of Diplomatic Affairs Sub-Committee KCCI, Abdul Jabbar Dalal and Managing Committee members attended the meeting.

Gerd Bommer further stated that lots of opportunities exist between the two countries for further expanding the existing low trade volume. These trade opportunities can be availed by enhancing interactions between business communities of the two countries, exchanging trade delegations and organizing Business-to-Business meetings.

Both countries need to focus on how to improve direct trade as many Austrian goods were indirectly being imported from other destinations, particularly from Germany, as Austria was a landlocked country, Austrian Commercial Counselor said, adding that the economies of Austria and Germany are fully integrated.

He said that Pakistan can also benefit from the Austrian experience and expertise available in its banking sector. Earlier, President KCCI, Abdullah Zaki, while welcoming the Austrian Commercial Counselor, said that the quantum of trade between Pakistan and Austria remains very low as during Fiscal Year 2013, Pakistan’s Exports to Austria amounted to $30.90 million, while Imports from Austria aggregated to $105.10 million.

He stressed the need to explore new areas for mutual cooperation in order boost trade and economic activities between Pakistan and Austria.

“Pakistan is a promising region for Austrian Investors. There is a huge potential for business promotion and investment in the areas of green technologies, immense prospects for undertaking joint ventures in Pakistan with the help of Austrian technical know-how and specialized machinery”, he added.

He identified hydro-electricity, iron and steel industry, automobiles, glass products, tourism and banking as main areas for cooperation between the two countries.

Underscoring the need to regularly organize exhibitions in Pakistan and Austria, Senior Vice President KCCI, Muffasar A. Malik informed the Austrian Commercial Counselor that Karachi Chamber plans to stage 11th My Karachi – Oasis of Harmony exhibition at Karachi Expo Center from 20th to 22nd June 2014, which is likely to be attended by one million visitors.

He requested the Austrian Commercial Counsellor to convince Austrian business community to participate in this international exhibition which will give them an opportunity to display Austrian products and hold Business-to-Business meetings.

For more information, contact:
Aamir Hassan
Director Press/ Electronic Media and Public Relations
Karachi Chamber of Commerce and Industry (KCCI)
Aiwan-e-Tijarat Road, Off Shahrah-e-Liaquat,
Office: +92 99218001-09
Fax: +92 21 99218040

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