Austrian ambassador explores investment prospects in Pakistan

KARACHI, Jan 29 (SABAH): Austrian Ambassador to Pakistan and Afghanistan Andrea Wicke, joined 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, visited the Overseas Investors Chamber of Commerce and Industry (OICCI) to engage with the Chamber’s leadership and gain insights into Pakistan’s economic landscape.

During the meeting, OICCI CE/Secretary General M Abdul Aleem provided a comprehensive briefing to the Austrian delegation on Pakistan’s business prospects, with a focus on attracting Foreign Direct Investment (FDI), ideally reaching 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.

Austrian 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 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.