Australian investors must be convinced to set up hi-tech industries with tech

By Menahil Rashid

FAISALABAD: Pakistan should convince Australian investors to set up the latest and hi-tech industries with technology transfer by promoting direct linkages and providing a favorable business climate in Pakistan, said Dr Geoffrey Shaw, High Commissioner of Australia.
He was talking to a delegation of the Faisalabad Chamber of Commerce & Industry (FCCI) that met him in a local hotel under the leadership of Engineer Hafiz Ihtasham Javed, President FCCI. He said that both countries have huge untapped potential and we must adopt a win-win strategy to give a quantum jump to bilateral trade. He said that Pakistan has just nominated a new high commissioner to Australia who is expected to assume his office in Sydney within the next couple of weeks. He said that Pakistani diplomats must establish close liaison with Australian investors and convince them to divert their investment towards Pakistan. He also mentioned geopolitical situations and economic challenges and said that some Australian companies were present in Pakistan to undertake various projects related to oil, gas and road infrastructure, but now they are considering shifting to new markets. He pointed out that Australian companies are also interested in working in the field of health and food processing but they are facing challenges of Halal certification etc. About desalination of water, he said that the embassy has limited research funds but they could work on this issue in collaboration with Pakistani stakeholders. He also stressed the need to promote industrial green technology and decarbonization. He said that Pakistan and Australia could also cooperate in developing new breeds of cows adoptable to the Pakistani environment. “It will help Pakistan in the production of value-added milk products”, he added.
Earlier Engineer Hafiz Ihtasham Javed President FCCI said that Faisalabad has well developed state-of-the-art industrial estates where Australian investors could set up their industrial units with technology transfer. He said that local investors are ready to invest 60-70% of total investment hence Australian investors should avail from this opportunity. He said that the Government of Pakistan was making serious efforts to improve the Pakistani ranking in Ease Of Doing Business and Cost Of Doing Business and hopefully the investment situation will further improve in Pakistan.
Former Presidents Mian Javed Iqbal and Shabbir Hussain Chawala pointed out that Pakistan and Australia should develop new varieties of cows which are adaptable to the local environment.