Austrian companies evince interest in investment in Pak

ISLAMABAD: Pakistan and Austria today agreed to enhance cooperation and undertake joint collaboration projects in the fields of food, agriculture and livestock, petroleum and natural resources, industries and production, investment in Heavy Electrical Complex, water, education and science and technology. These decisions were reached at the concluding Session of Pak-Austria Joint Working Group meeting held on October 8 and 9.
The agreement to this effect was signed by Ms. Hina Rubbani Khar, Minister of State for Economic Affairs and Mr. Josef Mayer, Vice Minister for Economic Affairs and Labour on behalf of their respective governments. In the petroleum and natural resources sector, OMV, the leading Austrian Company in the field oil and gas already operating in Pakistan has desired to expand their operations even in difficult areas of Pakistan by using latest technology i.e. 3-D-Saismic technology and horizontal drilling. OMV also showed interest in the gas storage projects for which they have extensive experience and technology. The company will also undertake joint ventures with reliable Pakistan E&P companies within and outside Pakistan. Austria will also help Pakistan acquire technology for mining, smelting and processing of magnesite.

Some scholarships for Pakistani engineers in the field of mining, Petroleum Engineering Metal Science and Plastics Processing for studies in the MONTAN-UNIVERSITY LEOBEN, AUSTRIA will be considered. In food, agriculture and livestock, joint ventures in milk collection, transportation, processing and distribution, vertically integrated feed-lots-abattoirs for production and processing of meal for local as well as foreign markets and improvement in breeding/up gradation of Pakistani cows and buffalos and will be initiated. Pakistan will consider using Granules, a newly introduced product by Austria which can be very helpful in saving water resources. Austria will consider the proposals for setting up a desalinating plant at Karachi , manufacturing of water treatment plant in Pakistan, Hot Strip Mill Revamping of Pakistan Steel and conducting a study of steel industry in Pakistan which is required for setting a steel mill at Port Qasim. It has been agreed that the Austrian investors will be invited either to purchase Heavy Electrical Complex (HEC) through Privatization Commission, or to join hands with SE on joint venture basis on equity participation along with transfer of management under mutually acceptable cooperation arrangement.

The Austrian side showed keen interest in two projects in water sector i.e. Schola Project Karachi and Revamping of JABAN Hydro Project. The proposals in this regard will be processed. In education sector Pakistan may benefit from the successful experience, projects and strategies of educational development in the area of vocational education under education system of Austria. Pakistan has requested for possible support of Austria in this regard for educational development in Pakistan. In science and technology sector the two countries will establish linkages between the Science and Technology organizations (Universities and Research Institute) in applied science and technology fields such as engineering, renewable energy, chemicals and pharmaceuticals. For this purpose exchange of information visits of experts and training facilities will be arranged. The two countries agreed to establish Pak-Austria Joint Business Council. The Chambers of Commerce of the two countries will collaborate in this regard. The Austrian side proposed for organizing seminars in both the countries with the view to highlight potential areas for trade and investment. In this regard the Austrian side agreed to identify experts/resource persons for providing details of policies, available opportunities for promoting Pakistan Exports and attracting foreign direct investment.

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