ID :
176774
Wed, 04/20/2011 - 12:07
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http://m.oananews.org//node/176774
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Pakistan likely to win GSP plus status in next EU-Pakistan summit
LAHORE, April 19, 2011 (PPI): The Austrian Ambassador Axel Wech has expressed the optimism that Pakistan is very likely to win GSP plus status in next EU- Pakistan summit as the things to this regard are moving in right direction.
The Ambassador was speaking at the Lahore Chamber of Commerce and Industry on Tuesday.
LCCI President Shahzad Ali Malik, Austrian Trade Commissioner Dr Wolfgang Penzais, Representative of Austrian Trade Commission in Karachi Saleem Hashmi, Honorary Consul Sarmad Amin also spoke on the occasion.
The Ambassador said that there was a great potential for stronger economic and trade ties between Pakistan and Austria and the Lahore Chamber of Commerce and Industry could play an effective role in multiplying the existing volume of bilateral trade for the benefit both the nations.
Expressing concern over the existing level of two-way trade, the Austrian diplomat suggested that frequent exchange of trade delegations, single country exhibitions and Country Weeks could prove vital to strengthen bilateral trade. He said that the Austrian Government was ready to provide assistance to the potential businessmen.
He also informed the LCCI office-bearers that a number of projects for strengthening Pakistan Railways infrastructure are in the pipeline and with the execution of these projects the trade relations between the two countries go to new heights.
He said that Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany. The economy features up-to-date industrial and agricultural sectors. He said that the country has drawn an influx
of foreign investors attracted by Austria’s access to the single European market and proximity to the Major EU economies. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria is emphasizing
knowledge-based sectors of the economy by deregulating the service sector. He said that Austrian businessmen were interested to initiate joint ventures with their Pakistani counterparts as the country is fast becoming the hub of economic activities due to strategically important location and cheaper raw material and Labour.
Speaking on the occasion, the LCCI President Shahzad Ali Malik invited Austrian businessmen to initiate joint ventures with local industrialists on 100% equity basis. He said that such experiences have been very successful in Pakistan e.g. Suzuki, Hundai, Hino Pak, Nissan, Dong Feng, Master, Isuzu in the transport sector, Massey Ferguson Tractors in the agriculture machinery sector and Schering, Glaxo, Pfizer, Abbot and Searle in the pharmaceutical sector. Pakistan has a liberal investment policy. No sanction is required. There is no restriction on sending back the principal, dividends, profits and royalties.
He said that despite the fact that Pakistan has abundant natural resources and skilled manpower it lacks technology. It is a gateway to the markets of Central Asian Republics and the Gulf countries. Construction industries have attracted huge investment in Pakistan over the last couple of years. Automobile industry is booming but still not in a position to meet the demand for vehicles in the country.
He said that Austria has highly advanced industries such as construction, machinery, chemicals, vehicles and ports, food, lumber and wood processing, paper & paper board. There are immense possibilities of gains for Austrian investors in setting up these industries in Pakistan.
He said that it is time to tell the Austrian industrialists and businessmen to invest in Pakistan as the output of any investment made in Pakistan would not remain confined to Pakistan only would find its market in the Central Asian Republics and Gulf States.
At the end of the function, Ms Saeeda Nazar presented Vote of Thanks to the Ambassador and his team.
The Ambassador was speaking at the Lahore Chamber of Commerce and Industry on Tuesday.
LCCI President Shahzad Ali Malik, Austrian Trade Commissioner Dr Wolfgang Penzais, Representative of Austrian Trade Commission in Karachi Saleem Hashmi, Honorary Consul Sarmad Amin also spoke on the occasion.
The Ambassador said that there was a great potential for stronger economic and trade ties between Pakistan and Austria and the Lahore Chamber of Commerce and Industry could play an effective role in multiplying the existing volume of bilateral trade for the benefit both the nations.
Expressing concern over the existing level of two-way trade, the Austrian diplomat suggested that frequent exchange of trade delegations, single country exhibitions and Country Weeks could prove vital to strengthen bilateral trade. He said that the Austrian Government was ready to provide assistance to the potential businessmen.
He also informed the LCCI office-bearers that a number of projects for strengthening Pakistan Railways infrastructure are in the pipeline and with the execution of these projects the trade relations between the two countries go to new heights.
He said that Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany. The economy features up-to-date industrial and agricultural sectors. He said that the country has drawn an influx
of foreign investors attracted by Austria’s access to the single European market and proximity to the Major EU economies. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria is emphasizing
knowledge-based sectors of the economy by deregulating the service sector. He said that Austrian businessmen were interested to initiate joint ventures with their Pakistani counterparts as the country is fast becoming the hub of economic activities due to strategically important location and cheaper raw material and Labour.
Speaking on the occasion, the LCCI President Shahzad Ali Malik invited Austrian businessmen to initiate joint ventures with local industrialists on 100% equity basis. He said that such experiences have been very successful in Pakistan e.g. Suzuki, Hundai, Hino Pak, Nissan, Dong Feng, Master, Isuzu in the transport sector, Massey Ferguson Tractors in the agriculture machinery sector and Schering, Glaxo, Pfizer, Abbot and Searle in the pharmaceutical sector. Pakistan has a liberal investment policy. No sanction is required. There is no restriction on sending back the principal, dividends, profits and royalties.
He said that despite the fact that Pakistan has abundant natural resources and skilled manpower it lacks technology. It is a gateway to the markets of Central Asian Republics and the Gulf countries. Construction industries have attracted huge investment in Pakistan over the last couple of years. Automobile industry is booming but still not in a position to meet the demand for vehicles in the country.
He said that Austria has highly advanced industries such as construction, machinery, chemicals, vehicles and ports, food, lumber and wood processing, paper & paper board. There are immense possibilities of gains for Austrian investors in setting up these industries in Pakistan.
He said that it is time to tell the Austrian industrialists and businessmen to invest in Pakistan as the output of any investment made in Pakistan would not remain confined to Pakistan only would find its market in the Central Asian Republics and Gulf States.
At the end of the function, Ms Saeeda Nazar presented Vote of Thanks to the Ambassador and his team.
