The Italian Ambassador, Andreas Ferrarese, has stated that Pakistan andItaly have a massive potential to lift their bilateral trade volume to $5billion, and pointed out that Italy’s construction, agriculture, andtourism sectors hold several opportunities for it.
The ambassador visited the Lahore Chamber of Commerce and Industry (LCCI)and remarked that the Government of Italy is committed to strengtheningties with Pakistan in every area of opportunity.
“Italy has over $5 trillion in savings, hence it possesses ample fiscalspace to undertake investment projects,” the envoy said, adding that“Pakistani investors should come forward and avail themselves of investmentopportunities”.
Ferrarese said that Italian visas with a validity of three to five yearswould be offered to potential investors from Pakistan.
“This will help enhance business-to-business contacts as well as traderelations between the two nations,” he explained.
Speaking on the occasion, the LCCI President, Mian Tariq Misbah, said thatItaly is an important trading partner of Pakistan in Europe as it hadranked fifth among Pakistan’s top export destinations.——————————
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“For the first time, Rome has ranked first among the major supplyingmarkets for Pakistan’s imports from the European Union. With a consistentuptrend in two-way trade, it is indeed a healthy sign that both imports andexports are increasing with each passing year,” he added.
The LCCI President highlighted that Pakistan’s exports to Italy had stoodat $810 million in 2019 while the imports from Italy had stood at $937million, which had taken the bilateral trade volume to its highest level of$1.74 billion.
Misbah added that Pakistan’s exports to Italy are mostly in textile items,leather products, and rice.
“Italy is extending technical assistance to Pakistan in the textile,leather, and marble sectors,” he said.
Misbah also announced that Pakistan had recently introduced the Mobilelink device manufacturing policy and theelectric vehicle policy, which had provided a feasible platform for thecompanies of the two countries to undertake joint ventures.——————————
“We intend to develop a close liaison with the Italian Trade Commissionoffice in Pakistan in order to exchange important information related totrading queries,” he added.
The LCCI President also revealed that Special Economic Zones that offermodest tax incentives to investors are being established under theChina-Pakistan Economic Corridor (CPEC).
“If Italian companies take interest in investing in these zones, thenPakistan can become a lucrative destination for them,” he said.
The LCCI Senior Vice President, Muhammad Nasir Hameed Khan, and theExecutive Committee members Chaudhry Khadim Hussain and Shahid Nazir wereamong the attendees of the session.