*FAISALABAD: *Pakistan has been put on the right track and the country canearn a position among top-20 economies of the world if it successfullydocuments its informal economy, said Ambassador of Italy to PakistanStefano Pontecorvo.
Speaking at the Faisalabad Chamber of Commerce and Industry (FCCI) onFriday, he said that the size of Pakistan’s economy was around $300 billionbut 80% of it was undocumented.
He pointed out that the country’s GDP may go down due to the measures takenfor documentation of the economy, however, in the long term it would helpthe country prosper.
Applauding the monetary steps, the envoy expressed optimism that Pakistanwould soon become a hub of economic activity.
Talking about the manufacturing of machinery, he said that Italy had beenproducing world-class products, which were costlier than the ones made inChina.
The ambassador shared that some Italian firms were negotiating with theirPakistani counterparts to launch joint ventures in different fields.
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Referring to the vast potential in the livestock sector, Pontecorvo calledfor initiating joint ventures in the field as it had a high margin ofprofit.
Responding to various questions and queries, the ambassador assuredbusinessmen of his cooperation in resolving the issues.
Speaking on the occasion, FCCI President Rana Sikandar Azam thanked theambassador for his services for enhancing relations between the twocountries.
