Pakistan – FCCI informed: Pakistan, Australia may finalise investment agreement soon
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Pakistan and Australia are holding negotiations on a bilateral investment agreement, which is expected to be finalised soon, said Australian High Commissioner to Pakistan Timothy Kane while addressing a gathering at the Faisalabad Chamber of Commerce and Industry (FCCI).
He said the business skills of Pakistanis were commendable; however, Australia would assist Pakistan in improving the quality of its products to help increase Pakistani exports to Australia. Highlighting the importance of the agricultural sector in Pakistan, Mr Timothy Kane said Australia was extending cooperation to Pakistan and other South Asian countries in several areas, including animal genetics, water management and crop improvement.
He also highlighted the role of the University of Agriculture, Faisalabad, in Pakistan’s agricultural development, saying that around 40 percent of its faculty was in one way or another linked with Australia. Despite these efforts, he noted, Pakistan was importing agricultural commodities from Australia, with the volume of such imports having doubled over the past decade. He stressed the need for investment to enhance Pakistan’s agricultural exports.
Speaking about the pharmaceutical, education and vocational training sectors, Mr Timothy Kane said there were tremendous opportunities in these fields around the world and that Australia was working to further develop Pakistan’s business capabilities.
He said Australia wanted to import mangoes and oranges from Pakistan, but several issues were currently hindering their entry into the Australian market. He stressed that Pakistan would need to improve the quality of its agricultural commodities and export products to overcome these barriers.
Earlier, FCCI President Farooq Yousaf Sheikh welcomed the Australian High Commissioner and gave him an overview of Faisalabad and the Faisalabad Chamber of Commerce and Industry. He said Faisalabad contributed a significant 57 percent share to the country’s overall textile exports and ranked second in terms of revenue collection. He said Faisalabad was previously known mainly for its textile products, but its industrial base had now diversified to include pharmaceuticals, automobiles, food, dairy and several other industries.
Referring to the relations between Pakistan and Australia, Farooq Yousaf Sheikh said the two countries enjoyed excellent and friendly bilateral relations. According to the latest available figures, Pakistan’s exports to Australia stood at $278 million, while imports from Australia amounted to $540 million. Pakistan mainly exports textiles and garments, home textiles and finished products, rice and other commodities, leather goods, surgical instruments, sports goods, carpets, food products, pharmaceutical products and engineering goods to Australia. The trade balance, however, remains in Australia’s favour.
During the question-and-answer session, Arif Ahsan Malik, Ahmad Afzal Awan and Mian Muhammad Tayyab participated. Senior Vice President Naveed Akram Sheikh thanked the guests for attending the event. At the conclusion, FCCI President Farooq Yousaf Sheikh presented Australian High Commissioner Timothy Kane with an honorary shield and gifts. Timothy Kane also recorded his remarks in the chamber’s visitors’ book.
Director of Trade and Education at the Australian High Commission Azhar Shah, FCCI Vice President Engineer Asim Munir, Mian Muhammad Saeed, Zahid Butt, Muhammad Azhar Chaudhry, Mian Gulzar Ahmad, Shahid Majeed and Ashraf Mughal were also present on the occasion.
Reference Link:- https://www.brecorder.com/news/40438192
Zamir Ahmed Awan is the founder and Chair of the Global Silk Route Research Alliance, a think tank in Islamabad. He studied engineering at Shanghai University in the 1980s, and years later he went back to China as Pakistan's science counsellor in Beijing, from 2010 until 2016, working on science and higher education cooperation between the two countries.…
