A central topic during Foreign Minister Alexander Schallenberg’s trip to Pakistan and India, from 16 to 21 March 2022, was the development of bilateral business relations between Austria and the two South Asian states. As part of the ReFocus Austria initiative, Foreign Minister Alexander Schallenberg, accompanied by a business delegation, promoted new investment opportunities for Austrian entrepreneurs.
In Pakistan as well as in India, there is a great deal of unused potential for Austrian companies, which is now becoming even more significant for the future development of Austria’s export economy due to the events in Eastern Europe:
We can see that an enormous geopolitical shift is currently taking place, and the Asian market will play a much more important role for the domestic economy. It is important to explore that potential. The foreign ministry plays a significant role here, because it can open doors for domestic companies to access interesting markets,
said Foreign Minister Alexander Schallenberg.
The business delegation included a total of 16 representatives from twelve Austrian companies in the areas of renewable energies, environmental technologies, engineering services, mechanical engineering, and communications. The trip gave the Austrian delegation multiple opportunities to discuss their concerns with future customers, partners and even important public decision-makers in person. For instance, bilateral economic forums were held in Islamabad and New Delhi.
Given India’s major investments in infrastructure projects, Austrian expertise is in particularly high demand in the areas of engineering, environmental technology, and infrastructure. In the past year, imports as well as exports have both already passed the billion-euro mark. During a visit to the Indian branch of Graz-based company AVL, which specializes in developing, simulating and testing engine systems for the automotive industry, among others, the Austrian delegation was able to see a successful example of innovative “Made in Austria” technology that is very sought after in the Indian market.
In Pakistan, too, the expertise of Austrian companies is very desirable, especially in the field of hydropower:
By 2030, the share of renewable energy used to meet energy requirements needs to be six times higher. Hydropower plays an essential role here. I am convinced that the expertise of Austrian companies can help us reach this goal,
emphasised Foreign Minister Alexander Schallenberg during the business roundtable in Islamabad.
A meeting with the head of the Pakistan Water and Power Development Authority (WAPDA), the state-owned public utility company that manages all hydropower projects in Pakistan, offered an interesting point of departure and important visibility for the combined know-how of domestic companies like ANDRITZ Hydro, ILF, Gugler, Geppert and Global Hydro in the areas of hydropower technologies and engineering services. Some of these businesses are family-run companies that have built up and deepened their expertise over several generations. However, Pakistan is by no means uncharted territory for Austria’s economy. For instance, Austria has long supported the education of skilled Pakistani workers through the Pak-Austria Fachhochschule – Institute of Applied Sciences and Technology in Haripur, which involves three different Austrian universities.
The ReFocus Austria initiative is a central component of the Austrian government’s economic comeback plan for the period during and after the COVID-19 pandemic.
