There exists an enormous potential of trade between Austria, Pakistan: LCCI President Ijaz says
LAHORE: The Ambassador of Austria, Axel Wech, during his visit to Lahore Chamber of Commerce & Industry (LCCI), has said that there was a great potential for stronger economic and trade ties between Pakistan and Austria. He said LCCI can play an effective role in multiplying the existing volume of bilateral trade for the benefit both the countries.
The LCCI President Ijaz A Mumtaz, Senior Vice President Mian Nauman Kabir, Vice President Syed Mehmood Ghaznavi, Commercial Counselor of the Austrian Embassy Richard Bandera, out-going Commercial Counselor Dr. Wolfgang Penzias and EC members Dr. Qurat ul Ain, Haji Muhammad Akram, Sheikh Fayyaz Ahmed, Shahzad Waheed, Shahzad Ahmed, Khawaja Khawar Rasheed, Raja Adeel Ashfaq, Asad Noor Pagganwala, Zafar Mahmood, Tanzeela Yousaf, Muhammad Haroon Arora, Muhammad Aslam Chaudhry and Raja Hamid Riaz were also present on the occasion.
Axel Wech 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 is ready to provide assistance to the potential businessmen.
He said that Austrian businessmen were interested to initiate joint ventures with their Pakistani counterparts due to strategically important location and cheaper raw material and labour.
Speaking on the occasion, LCCI President Ijaz Mumtaz said that there exists an enormous potential of trade between the two countries, but unfortunately, the current volume of trade between Austria and Pakistan does not match it.
He said that both countries have to adopt policies which would not only strengthen their trade ties but also develop a strong bond of friendship and mutual trust.
The LCCI President said that Pakistan is blessed with huge natural resources. The need is embellishment of this potential and augmentation of trade with developed nations.
He said that there is a vast scope of investment in energy sector which could be beneficial for reaping lucrative results for the foreign investors and fulfillment of dire need for the industrial and private consumers in Pakistan.
