Pakistan, Austria Discuss Strengthening Economic Ties and Investment Cooperation

Chairman Senate Syed Yousaf Raza Gilani and Austrian Federal Minister for Finance Gunter Mayr held discussions on enhancing trade, investment, and economic cooperation between Pakistan and Austria. The meeting, which took place during a high-level parliamentary visit to Austria, focused on expanding bilateral collaboration in key sectors.

Chairman Senate reaffirmed Pakistan’s commitment to strengthening its traditionally strong ties with Austria. He highlighted the contributions of Austrian companies such as Andritz and Voith in hydropower generation, Toppelmeyr in tourism, Plasser and Theurer in railways, and OMV in oil and gas exploration, emphasizing Pakistan’s openness to further Austrian investments.

He invited Austrian firms to take advantage of Pakistan’s investment incentives, particularly in priority sectors such as mining, energy, IT, the defense industry, and agriculture. Recognizing Austria’s expertise in mining, he proposed collaboration in mineral exploration and mining operations.

Gilani also encouraged Austrian investment in Pakistan’s Alpine tourism sector, suggesting a Build-Operate-Transfer (BOT) model for tourism development. He highlighted Pakistan’s plans to upgrade its railway infrastructure and the potential for Austrian companies to contribute.

The IT sector was identified as another promising field, with Gilani urging Austrian firms to explore investment opportunities in Pakistan’s growing technology market, leveraging the country’s skilled workforce and business-friendly policies. He also proposed financial solutions to facilitate Austrian businesses’ entry into the Pakistani market, including exploring funding options under the EU Gateway Programme.

Both sides emphasized the need for focused discussions on trade and economic cooperation, including convening the next meeting of the Joint Working Group on Trade and Economic Cooperation, which last met in 2015. It was noted that while an Austrian trade delegation had previously visited Pakistan, a planned Pakistani delegation to Austria was still awaited.

Gilani welcomed Austria’s invitation for Pakistan to participate in an upcoming IT expo in May and assured coordination with Pakistan’s IT Minister to facilitate the delegation’s participation.

Austrian Finance Minister Gunter Mayr reaffirmed Austria’s support for Pakistan in key areas such as climate change, energy, disaster management, and waste management. He proposed signing a Memorandum of Understanding (MoU) to institutionalize cooperation in these sectors.

The meeting concluded on a positive note, with both sides reaffirming their commitment to deepening economic and financial cooperation and fostering stronger bilateral relations.

The session was attended by Syed Naveed Qamar, Chairman of the National Assembly Standing Committee on Finance & Revenue, and Pakistan’s Ambassador to Austria.