Pakistan - Italy Friendship contract to boost trade and economy

Pakistan - Italy Friendship contract to boost trade and economy
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ISLAMABAD: (APP) Ambassador of Italy to Pakistan, Stefano Pontecorvo on Wednesday said over 120 top businessmen , investors, delegates and head of leading companies are scheduled to visit Pakistan for attending a forum in order to explore trade and investment opportunities existing between the two countries.

Addressing first ever Pak-Italy Friendship Contract signing ceremony between Agha Steels Industries Pakistan and Danieli Italy, he said the event is scheduled to be held during the month of October this year, which would help in boosting up the trade and investment relations of both the countries.

He said contract signing initiative would help in transferring latest technology in the metal industry to boost local production of steel and create more job opportunities.

He said the transfer and adoption to new technology will help produce highest quality deformed steel rebars in Pakistan and help enter into a new area of cooperative relationship between Italy and Pakistan.

The Ambassador reiterated the resolve of his country to double the existing trade volume during the current year and said the Italy was the 4th largest investor in Pakistan after China, United Arab Emirates and Hong Kong.

He said the Foreign Minister of Italy was also on official visit of Pakistan and meeting with different stakeholder to further promote and develop the bilateral relations of both the countries.

The Prime Minister of Italy is also scheduled to visit Pakistan by November this year in order to further cement the bilateral political, diplomatic and trade relations between the two countries, he added.

The Ambassador said the follow-up sectoral meetings would explore bilateral trade and investment opportunities in different sectors of the economy including textile, agriculture, construction and infrastructure development.

He said other sectors of mutual cooperations including agriculture machinery manufacturing, value addition of agri-products, mining information and communication technology as well as leather products.

He informed the current volume of trade between both the countries stood at Euro 1 billion, which would be extended sizably in order to gain the maximum benefits of bilateral trade and investment.

"We are looking for partnership in different sector in order to make Pakistan a hub of trade and commerce by collaborating in different sectors of economy," he added.

The Ambassador said the Government of Pakistan was making serious efforts to attract foreign investment by introducing business friendly policies and local businessmen were also aware about the market trends.

To a question, he said the Britexit from the European Union (EU) would not affect the relations between EU member states and Pakistan.

Addressing the ceremony Chairman Board of Investment, Miftha Ismail said the Italy and Pakistan, were have long and good trade and commercial relations.

He said the government was making efforts for doubling the bilateral trade between both the countries during next two-years.

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