Islamabad, September 12, 2013 (PPI-OT): Italy has always followed the Pakistani market with keen interest and wants to develop long-term trade and economic relations with Pakistan for the mutual benefit of both countries, said H.E. Mr. Adriano Chiodi Cianfarani, Ambassador of Italy while addressing business community at Islamabad Chamber of Commerce and Industry.
He said Italian investments in Pakistan have also been growing and currently amount to approximately 200 million dollars. He said Italy invested dollars 199.8 million in Pakistan, almost all in the energy sector and Italian companies are looking more and more at Pakistan for trade and investment. He said Italy was second the largest participant in IFTEC Fair in Lahore which shows its keenness to expand trade relations with Pakistan.
He said many world renowned Italian companies are already working in Pakistan’s energy, pharmaceutical, agriculture, automotive and textile sectors while more and more are looking at Pakistan for joint ventures and investment. He said Italy is also taking growing interest in Pakistan in alternative energies including solar, wind and bio-gas etc. He said Italy has technologically advanced products to help Pakistan in all major areas and both countries should further strengthen bilateral cooperation to complement each other’s economy.
The Ambassador said to further courage bilateral business linkages, Italian Embassy is promoting the creation of a full-fledged Italian Chamber of Commerce in Pakistan. He said 150000 strong Pakistani community in Italy has added sufficient value to its economy and some of them have created successful businesses. He assured that Italian Embassy would facilitate businessmen of both countries to promote linkages and explore more areas of mutual cooperation.
In his welcome address, Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry said that Pakistan considers Italy a very important country as it is among the top ten global trading partners of Pakistan and third amongst the EU countries. Both countries are on same page on many international issues. However, the bilateral trade of 1.2 billion US dollars is still far below their true potential as they have lot of scope to enhance bilateral cooperation in multiple areas of economy.
He said the main reason of low bilateral trade is that trade is limited to a few items as Pakistan mainly imports from Italy some metal products, machinery and equipment, pharmaceutical and chemical products, electrical equipments and electronics while it exports to Italy some textile products, clothing items and leather products.
He said Italy was the first country from Europe to establish direct air links with Pakistan and we would never forget this good gesture. He said businessmen are the best instruments to promote trade and private sectors of both countries should be facilitated in enhancing direct connectivity to explore all possible avenues of potential cooperation.
He invited a 10 member delegation of Italian entrepreneurs and assured ICCI would connect them with relevant counterparts in Pakistan for exploring business opportunities. He stressed for frequent exchange of trade delegations and assured that ICCI would work closely with Italian Embassy for further improving bilateral trade and economic relations between Pakistan and Italy.
For more information, contact:
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950