Austrian companies interested in long-term business partnerships in Pakistan

Islamabad: A delegation of Austrian companies led by Ms. Carmen Goby, Vice President, Austrian Federal Economic Chamber visited the Islamabad Chamber of Commerce & Industry and showed keen interest to establish long-term business partnerships in Pakistan in hydropower, renewable energy, infrastructure, production of turbines, water treatment and other sectors. The representatives of Andritz Hydro, Geppert Hydropower, Global Hydro, Gugler Water Turbines, ILF Consulting Engineers and Lonsinger Maschinenbau were in the delegation.

Speaking at the occasion, Ms. Carmen Goby, Vice President, Austrian Federal Economic Chamber said that the Austrian delegation has come to Pakistan to explore opportunities of joint ventures & investment in order to intensify the economic cooperation with Pakistan. She said that the delegation visit was a part of the visit of the Austrian Minister of Foreign Affairs to Pakistan in the framework of refocusing Austria.

Richard Bandera, Austrian Trade Commissioner to Pakistan said that this was the first delegation from Europe to Pakistan after Covid to explore long-lasting partnerships in Pakistan. He said that Austrian energy companies have already contributed to reducing loadshedding in Pakistan and they wanted to play a more effective role towards the economic development of Pakistan by setting up partnerships here. He said that South Asia was emerging as a promising region and Austria was taking keen interest in it for business relations. He also invited an ICCI delegation to visit Austria to further strengthen business cooperation with Austrian counterparts.

Muhammad Shakeel Munir, President, Islamabad Chamber of Commerce and Industry welcomed the Austrian delegation and said that Pakistan and Austria have good potential to enhance bilateral cooperation in various fields including higher education, hydropower, renewable energy, oil & gas, information technology, tourism and many other fields. He said that Austria was an advanced economy and Pakistan could benefit a lot by developing strong economic relations with it. He said that the current level of bilateral trade between the two countries was not reflective of their actual potential and both sides should make strong efforts to improve it. He assured that ICCI would cooperate in connecting Austrian companies with right partners in Pakistan.

Jamshaid Akhtar Sheikh Senior Vice President and Muhammad Faheem Khan Vice President ICCI said that both countries should encourage regular exchange of trade delegations to explore all untapped areas of mutual cooperation.

Khalid Iqbal Malik, Chairman, Founder Group said that Pakistan was establishing many Special Economic Zones under CPEC and Austrian companies should explore JVs and investments in them to take advantage of their attractive incentives.

The delegation members held B2B meetings with ICCI members to explore areas of business collaboration with them.

ICCI Executive Members Hamayun Kabir, Ch. Muhammad Ali, Faseeullah Khan, Akhtar Abbasi, Muhammad Shabbir, Muhammad Naveed Malik & Khalid Chaudhry former Senior Vice Presidents and others were also present at the occasion.