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Austria invests $500m in FY2013-14, $250m in oil, gas sector

Austria invests $500m in FY2013-14, $250m in oil, gas sector

LAHORE: TUV Austria Group’s Chief Executive Officer Dr Stefan Haas Haas has said that Austrian companies want to boost trade ties between the two countries especially through investment in Pakistan’s oil and gas sector.

He, addressing a press conference, said that OMV, an Austrian oil and gas company, has become the largest investor in Pakistan. TUV Austria Group’s Head of International Business Management Dr Reinhard Preiss and Chief Executive Officer of TUV Austria Bureau of Inspection and Certification Pakistan Rashid Mehr also spoke on this occasion.

He urged the Pakistani businessmen to enter into joint ventures with their counterparts to improve trade volume between the two countries. While highlighting foreign direct investment in the oil and gas sector, Dr Stefan Haas said that Pakistan received over US $500 million investment in first seven months of 2013-2014 while oil and gas sector attracted the highest amount of investment of over $250 million.

About the TUV Austria Group, he said it is a multimillion euro company and expanding aggressively into Asia and intends to further expand its operation in the South Asian region, particularly Bangladesh and Sri Lanka through Pakistan. Dr. Stefan Haas said that TUV Austria is very keen to further strengthen its position in Pakistan and wants to take complete advantage of the prospects available in Pakistan. Other important companies and brands from Austria that already exist in Pakistan include OMV, Red Bull and Swarovski, he added.

Moreover, TUV Austria wants to offer its internationally recognized certification services to the industry at large in the field ISO 9000, ISO 14000, ISO 18000, Food Safety Certification services. Certification from TUV Austria will help the local industry to compete both internationally and locally, he added.