Austrian Ambassador Explores Investment Prospects in Pakistan

Austrian Ambassador Explores Investment Prospects in Pakistan

Karachi, January 29, 2024 – Ambassador of Austria to Pakistan and Afghanistan, Andrea Wicke, delved into investment prospects in Pakistan during a meeting held on Monday.

Ambassador Andrea Wicke, accompanied by Hussain Islam, Chairman of the Prime Minister’s Task Force in the Strategic Reforms Unit, and Johannes Brunner, Commercial Counsellor of the Austrian Embassy Commercial Section, paid a visit to the Overseas Investors Chamber of Commerce and Industry (OICCI). The purpose of the visit was to engage with the Chamber’s leadership and gain insights into Pakistan’s economic landscape.

At the meeting, OICCI CE/Secretary General M Abdul Aleem delivered a comprehensive briefing to the Austrian delegation on Pakistan’s business prospects, with a particular focus on attracting Foreign Direct Investment (FDI) and aiming to reach three percent of its GDP. Notably, the total capital investment by OICCI members from FY 2013 to FY 2022 amounted to $22.0 billion, while Pakistan’s net FDI stands at $19.9 billion. In the past year (Jan-Dec), Pakistan attracted $1,771 million in FDI, marking a 25% increase from 2022.

Ambassador Wicke shared her insights on how Pakistan is perceived globally in terms of investment, emphasizing a focus on regional trade, particularly the potential within the South Asian Association for Regional Cooperation (SAARC). She stressed the importance of building a positive perception of Pakistan through engagement with foreign media to showcase the country’s overall beauty.

Both Andrea Wicke and Johannes Brunner expressed optimism, highlighting that OICCI’s engagement with potential Austrian foreign investment companies would play a crucial role in providing a neutral perspective on Pakistan’s on-ground economic situation. The visit underscores the growing interest of foreign entities in exploring and contributing to Pakistan’s economic development.

The Austrian ambassador’s exploration of investment prospects signifies the strengthening ties between Austria and Pakistan. As global economic dynamics continue to evolve, such engagements open avenues for increased collaboration, bringing in new opportunities for economic growth and mutual benefits. The positive sentiments expressed during the meeting suggest a promising outlook for bilateral relations and future investments between the two nations.