ISLAMABAD – The Italian Ambassador to Pakistan, Andreas Ferrarese on Sundaystressed to enhance the bilateral trade between Pakistan and Italy to itsfull potential from current $1.7 billion to $5 billion annually.
Both sides interested to achieve the trade balance as currently Pakistanhas a trade surplus with Italy in FY 2019-20, the Ambassador said this inan exclusive interview to APP here.
Replying to question, he said that Pakistan exports to Italy were$731million during 2019-20, Pakistan major exports to Italy includeleather, rice, ethanol, textiles articles, sets, worn clothing,cotton,apparel, crocheted, cereals, raw hides and skins, leather,beverages, spirits and vinegar, plastics, footwear and gaiters.
The Ambassador said that in FY 2019-20, Pakistan import from Italy at $521million including ships, boats, and other floating structures,machinery,pharmaceutical product,aircraft, spacecraft, electrical, electronicequipment, Organic chemicals, Iron and steel, miscellaneous chemicalproducts, Optical, photo, technical and medical apparatus.
He said that dairy and livestock, olives and olive products, plastics,processed food and construction sector were the areas where Italy couldextend its cooperation with Pakistan.
While replaying about the expectation of Preferential Trade Agreement (PTA)between Pakistan and Italy, he said that Italy was in European Union (EU)Countries and “we are fully supporting Pakistan in Generalized Scheme ofPreferences (GSP+) status in every review.”
He informed that Pakistan has a share of 10 percent of trade with Italy inthe whole contribution with EU countries and in future both sides wouldextend more cooperation in trade and economy.
The Ambassador informed that Italy has become the largest contributor fromthe EU in home remittances to Pakistan.
He said that in FY 2019-20, it registered 29% growth which is far higherthan our national growth in remittances.
Read Top Stories
He said that Pakistani workers contributed $142.9 million in homeremittances in FY 2019-20, and $111 million in 2018-19.
He said that Italy was the 8th largest economy of the world with $ 2trillion Gross Domestic Product.
Italy has the 3rd largest economy in the European Union (EU) after Germanyand France and Pakistan’s 9th top export destination, he added. TheAmbassador Ferrarese said that a new economic mission would also beestablished in Pakistan to enhance trade and economic connectivity withPakistan.
He said that “I want to open up a cultural centre, maybe in one part of thenew embassy, and promote Italian cuisine, art, paintings, music so that thePakistanis can know more about Italy.” Replying to a question, he said thathis predecessor, Stefano Pontecorvo, was a seasoned economist and he triedhis best to enhance the overall volume of bilateral trade.
He said that COVID-19 wasted our efforts and then he had to start afresh togive a quantum jump to the bilateral trade between Pakistan and Italy.
Ambassador Ferrarese also stressed the need for the importance of culturalconnectivity to promote trade and said that he would encourage exchange ofstudents to further strengthen bilateral relations.
