Ambassador of Austria, Axel Wech has advised the business community to approach Islamabad to sign some international agreements to get Generalised System of Preference (GSP) plus status for boosting its export to European Union (EU) countries. Addressing the members of Karachi Chamber of Commerce and Industry (KCCI) on Wednesday, he said Pakistan was required to sign human rights conventions to get GSP plus status.
He expressed the hope that Pakistan might get GSP plus status in the next meeting if it fulfilled the required conditions. To boost two-way trade, the ambassador advised the members of the chamber to visit Austria along with a delegation of Lahore chamber of commerce and industry, which is scheduled to visit Vienna soon. Vice President CEE, Russia and Caspian Region EP-International, OMV Exploration and Production, Peter Seitinger said that the company had initiated two new oil exploration projects in Sindh.
He said that bright possibilities existed for discovering oil in KP province. He said the OMV (Pakistan), a subsidiary of OMV/ AG of Austria had been active in exploration oil and gas in Pakistan since 1990. He said that the Austrian company had also invested in Pakistan hydo power and alternate energy development projects.
President KCCI, Mohammad Saeed Shaifq said that good prospect existed for undertaking joint ventures between Pakistan and Austria. He said Austria was very advanced in hydo- electricity, steel products, fine textile products, oil and gas exploration, which should be the main areas of co-operation. He said that Austria was an important country in EU, which could help Pakistan in getting concessional regimes in EU.
He further said that Austria could play a positive role in the next EU - Pakistan summit. Senior Vice President KCCI, Talat Mehmood said that total import of Austria was around 156 billion dollars in which Pakistan share was only 16.67 million dollars, which is negligible and needed to be increased. He said that the balance of trade between the two countries was in favour of Austria.
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