Pakistan and Italy will increase collaboration in agro food processing, infrastructure development, Information Technology and renewable energy for the mutual benefit of both countries.
This was stated by Italian Deputy Minister for Economic Development Ivan Scalfarotto while talking to media after the second session of Pakistan-Italy Joint Economic Commission in Islamabad on Monday afternoon.
He said Pakistan being the sixth most populous country and with an increasing middle class is a market of high interest for Italian entrepreneurs and businessmen.
The Minister, who is on a visit to Pakistan along with representatives of 40 Italian companies and entrepreneurs, said his country is seeking buyers of Italian products in Pakistan that are known for their quality and class in the whole world.
Praising the China Pakistan Economic Corridor project, Ivan Scalfarotto said Pakistan lies at the cross roads of Central and South Asia and has a lot of trade potential.
On a question, he said Italian government is working on creating a favorable environment for Italian businessmen to invest in Pakistan. In this regard, he referred to private auto making industry of Italy that could exploit the potential of Pakistani market.
Speaking on the occasion, Parliamentary Secretary Finance and Economic Affairs Rana Muhammad Afzal Khan said the Joint Economic Commission discussed the current status of economic situation, an overview of reforms, priorities and trade relations.
Secretary Economic Affairs Division Tariq Bajwa told the participants that annual trade volume between Pakistan and Italy stands at 1.1 billion dollars and efforts are underway to increase it to five billion dollars. He said the balance of trade is in Pakistan's favor as more Pakistani products are exported to Italy than imported.