Italy keen to enhance investment in Pakistan

ISLAMABAD: Ivan Scalfarotto, Italian deputy minister for economic development, on Tuesday said Pakistan and Italy should establish inter-governmental framework to further bolster bilateral trade relations. 

“Italian companies are well aware about the investment scope and potential of Pakistani market,” Scalfarotto said while speaking at a two-day Pakistan-Italy Investment Forum. He urged for more and more exchange of business delegations between the two countries so that new trade opportunities could be scouted. 

Scalfarotto said Chinese investment in Pakistan and Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project will play a vital role in the economic development of the country and the region. 

He appreciated Pakistan’s efforts for improvement in the economic and security conditions of the region.  “Italy with its expertise in technology can help Pakistan resolve its energy problems and meet its requirements. We wish to contribute our assistance in this regard.” 

Addressing the forum, Khawaja Asif, minister for water and power said Pakistan has enormous energy resources in the form of hydro and a great potential for both its renewable and non-renewable forms. 

“We are blessed with huge energy resources. It is estimated that Pakistan has over 60,000 MW of hydroelectric potential, 340,000 MW of wind energy, and the potential of solar/thermal/photovoltaic energy is around 2,324 million MW,” Asif told the forum. 

“Furthermore, 105 trillion cubic feet of shale gas and 9 billion barrels of shale oil reserves are yet to be tapped.” 

The minister said Pakistan is fortunate to have 185 billion tonnes of coal reserves, which can be used for power generation as well as diesel production.   The Pakistan-Italy Investment Forum is jointly organised by the Board of Investment (BoI) and Italian Embassy. The Italian deputy minister is accompanied by fifty prominent businessmen. 

Miftah Ismail, chairman, BoI welcomed the Italian minister led delegation and shed light on Pakistan’s “very liberal investment regime” and its diverse and business-friendly incentives. 

“Promoting regional connectivity is one of the pillars of our development strategy,” Ismail said. “The government is actively pursuing this initiative, which has the potential to integrate South Asia, China, Central Asia and West Asia, which are the engines of growth in Asia.” 

Ismail said the China-Pakistan Economic Corridor (CPEC) is going to ‘change the game’ forever in the region. 

“The focus of CPEC is on energy, a network of roads, railways, and pipelines between the longtime allies connecting Kashgar city of China with Gwadar port of Pakistan,” Ismail said. “In addition, we are also working on TAPI gas pipeline, Iran-Pakistan gas pipeline, Central Asia, South Asia electricity transmission projects, which would immensely enhance Pakistan’s regional connectivity and make it a hub of economic development.”