LAHORE, Oct 30 (APP):Provincial Minister for Industries and Commerce Chaudhry Shafay Hussain met Austrian Ambassador to Pakistan, Mr. Wolfgang Oliver Kutschera, here at PISC House on Friday, and discussed matters relating to investment opportunities in various sectors of Punjab, bilateral economic cooperation and issues of mutual interest.
Both sides agreed to explore cooperation in hydropower generation, technical education, agriculture, tourism, garments, leather, footwear, livestock, dairy farming and other sectors.
The Provincial Minister briefed the Austrian Ambassador on investment opportunities in Punjab’s Special Economic Zones (SEZs). He said that industrial infrastructure in these zones has been developed to international standards through round-the-clock efforts and an investment of billions of rupees. He added, the Federal Government has also approved a new industrial policy following the Punjab Government’s initiative. Under the new policy, investors can now acquire land on lease for setting up industrial units in industrial estates for periods ranging from 30 to 50 years.
Chaudhry Shafay Hussain said that Punjab offers extensive investment opportunities for Austrian investors, particularly in the energy sector and other fields. He said Austria has considerable expertise in hydropower generation and Punjab intends to benefit from its advanced technology. Small dams can be completed within two to three years, and Austria can cooperate with the Punjab Government in establishing such projects.
The Provincial Minister said, Punjab Government is focusing on agro-based value-added industries and seed development. He invited the Austrian Government to explore cooperation in these sectors as well. He added that joint ventures could also be established in dairy farming.
Highlighting another potential area of cooperation, he said that Austria has expertise in wastewater treatment, offering further opportunities for collaboration between the two sides.
He also pointed out that Gujrat has expertise in furniture and fan manufacturing. An internationally-standardized furniture college and an IT university are being established there to further strengthen the region’s industrial and educational capabilities.
Austrian Ambassador to Pakistan, Mr. Wolfgang Oliver Kutschera, said that Austria and Pakistan enjoy decades-long diplomatic and economic relations. It is now time to take more effective measures to further strengthen bilateral economic cooperation.
The Ambassador appreciated the Punjab Government’s efforts in promoting economic activities across the province and said that cooperation with the provincial government would be enhanced in various sectors. He added that Austria would explore opportunities for establishing small hydropower projects in Punjab.
Austrian Honorary Consul General Sarmad Amin, Managing Director Punjab Small Industries Corporation Mubeen Elahi and others were also present at the meeting.
Source: APP (Associated Press of Pakistan)
