ISLAMABAD, Oct 9: Pakistan and Austria on Saturday agreed to enhance cooperation and undertake joint economic projects in various fields.

A press release issued here at the conclusion of Pakistan-Austria Joint Working Group meeting held on October 8 and 9 listed the fields of cooperation as food, agriculture and livestock, petroleum and natural resources, industries and production, water, education, science and technology and investment in Heavy Electrical Complex.

An agreement was signed by Ms Hina Rubbani Khar, Minister of State for Economic Affairs and Mr Josef Mayer, Vice Minister for Economic Affairs and Labour of Austria to give shape to the proposed cooperation.

In the petroleum and natural resources sector, OMV, the leading Austrian oil and gas company, already operating in Pakistan, has desired to expand their operations even in difficult areas of Pakistan by using latest 3-D Seismic technology and horizontal drilling.

OMV also showed interest in the gas storage projects for which they have extensive experience and technology. The company will also undertake joint ventures with reliable Pakistani companies within and outside Pakistan. Austria will also help Pakistan acquire technology for mining, smelting and processing of magnesite.

Austria would consider giving some scholarships to Pakistani engineers for studies in the field of mining, petroleum engineering, metal science and plastics processing in its Montan University.

Joint ventures in milk collection, transportation, processing and distribution, vertically integrated feed-lots-abattoirs for production and processing of meat for local and foreign markets and improvement in breeding upgradation of Pakistani cows and buffalos will also be initiated, the press release said.

Pakistan will consider using Granules, a newly introduced product by Austria, which can be very helpful in saving water resources.

Austria will consider the proposals for setting up a desalinating plant at Karachi, manufacturing of water treatment plant in Pakistan, and a steel mill at Port Qasim.

It has been agreed that Austrian investors will be invited either to purchase Heavy Electrical Complex (HEC) through Privatization Commission, or to enter into a joint venture on equity participation along with the transfer of management under mutually acceptable cooperation arrangement.

Pakistan requested assistance on the basis of Austria's successful experience, projects and strategies of educational development in the area of vocational education.

In science and technology sector the two countries will establish linkages between the universities and research institutes in applied sciences and the fields of engineering, renewable energy, chemicals and pharmaceuticals. For this purpose exchange of information visits of experts and training facilities will be arranged.

The two countries agreed to establish Pak-Austria joint business council. The chambers of commerce of the two countries will collaborate in this regard.

The Austrian side proposed for organizing seminars in both the countries to highlight potential areas for trade and investment. In this regard the Austrian side agreed to identify experts for providing details of policies, available opportunities for promoting Pakistan exports and attracting foreign direct investment.