ISLAMABAD, Oct 9: Federal Minister for Industries, Production and Special Initiatives Jahangir Khan Tareen has said that Pakistan is pursuing a competitive, liberal industrial policy in the region.

The minister was talking to a six-member visiting trade delegation of Austria, led by Austrian Vice Minister for Economic Affairs and Labour Josef Mayer, who called on him here on Saturday and discussed matters pertaining to trade relations between the two countries particularly industrial sector.

Both agreed to enhance the level of cooperation and economic relations in different areas between the two countries.

The minister informed the Austrian delegation that the basic aim of the industrial policy was to attract investment and joint ventures by creating an investor-friendly environment, with a focus on further opening up the economy and marketing potential for direct foreign investment.

The essence of the policy is to strengthen Pakistan's competitiveness by improving the policy regime, offering fiscal and tariff relief and providing comprehensive facilitation services.

Pakistan's friendly investment policies and stable political environment provide an excellent platform for foreign investors, the minister said.

Gwadar Port's Duty Free Zone offered foreign investors an ideal location for setting up petrochemical, heavy engineering, food processing, metal works, steel products and other export-oriented industries, he added.

An official statement said the Austrian minister appreciated the economic reforms introduced by Pakistan during the last five years. Pakistan now offers great incentives and a very conducive environment for mutual cooperation between the two countries, particularly in the industrial sector.

He was of the opinion that his delegation, which mostly comprised private sector businessmen, during their stay in Pakistan, would explore avenues to enhance cooperation in their respective fields.

Mr Tareen assured him full support on behalf of government of Pakistan for the Austrian investors and traders.