KARACHI, Friday, June 20, 2025 (WNP): Federal Minister for Commerce Jam Kamal Khan on Friday hailed the inauguration of the Austrian Consulate General in Karachi as a significant step toward deepening economic ties between Pakistan and Austria.

Addressing the inauguration ceremony as the guest of honour, the minister said the establishment of the consulate would open new avenues for bilateral trade and investment, helping to strengthen Pakistan’s commercial relations with Austria.

“Port cities like Karachi hold tremendous potential for growth in key sectors such as manufacturing, textiles, and pharmaceuticals,” said Jam Kamal.

He assured full cooperation from the Ministry of Commerce in facilitating the consulate’s efforts to promote trade and business partnerships.

The minister also touched on the government’s broader economic strategy, highlighting key reforms underway. “Under the leadership of Prime Minister Muhammad Shehbaz Sharif, we have launched a tariff rationalization program—the first of its kind in Pakistan—with the goal of reducing tariffs gradually over a five-year period to support industrial growth and competitiveness,” he stated.

Acknowledging the economic challenges faced over the past two to three years, Jam Kamal expressed cautious optimism about Pakistan’s economic trajectory.

“We are hopeful that the upcoming federal budget will reflect a reform-driven approach to stabilize and revive the economy,” he added.

The minister also welcomed Dr. Hussain Islam, the newly appointed Consul General of Austria in Karachi, and expressed confidence in his diplomatic and professional credentials. “Given his experience and expertise, I am confident that Dr. Hussain will play a vital role in strengthening Austria-Pakistan relations,” he remarked.

The opening of the Austrian Consulate in Pakistan’s financial and trade hub marks a renewed commitment by both nations to explore untapped opportunities in trade, technology, education, and investment.