Italian envoy keen in boosting trade ties with Pakistan

Islamabad:The Ambassador of Italy to Pakistan Andreas Ferrarese on Wednesday said that there were vast opportunities for mutual trade and investment between Pakistan and Italy from which businessmen and traders of both the countries can reap the benefits.

Pakistani businessmen and traders move forward and work to promote mutual trade and economic ties between Pakistanis in Italy, he said. Economic, trade and cultural relations between Italy and Pakistan are at an all-time high, he said this while hosting a dinner in honour of senior business leaders and presidents of different trade chambers of the country at his residence, says a press release.

While renowned business leaders including former President of Islamabad Chamber of Commerce, Zafar Bakhtawri, chairman Federation Pakistan Chamber of Commerce and Industry (FPCCI) Capital Office Qurban Ali, President Rawalpindi Chamber of Commerce and Industry (RCCI) Muhammad Nasir Mirza, President Gujranwala Chamber of Commerce and Industry, Umer Ashraf Mughal, President Sarhad Chamber of Commerce and Industry, Sherbaz IIyas Bilour, former Senior Vice President ICCI Shakeel Muneer, MD Islamabad Stock Exchange Mian Ayaz Afzal and Abdullah Shad Abbasi participated on the occasion.

The Ambassador informed that Italy hosts the largest Pakistani diaspora in the European Union (EU) countries. In FY 2020-21, workers remittances from Italy reached $601 million which is an all-time high figure, he said. It has made Italy,

Pakistan`s 7th largest destination for workers remittance globally and No. 1 from the EU. He said that there was huge trade potential in different sectors of the economy which needed to be explored and in this regard both sides were engaged in the dialogue process through the Pak-Italy Joint Economic Commission was the forum for bilateral economic engagements. The ambassador said that currently Italy was providing technical assistance in agriculture and textiles upgradation through modern machinery, value addition in agriculture, leather and marble sectors. He said Pakistan was working to expand it to Agricultural items including dairy and livestock, olives and olive products, plastics, processed food and the construction sector in the Italian market.

Andreas Ferrarese was of the view that Italy wanted to start a new era of economic and trade cooperation with Pakistan through transfer of technology and for upgradation of Pakistan’s textile industry. He said green economy, transfer of technology for the industrial sector including textiles and agro industry, construction sector, education and health are major areas of focus to extend the bilateral cooperation.

He said that he would also encourage exchange of students to further strengthen bilateral relations. The senior diplomat said that Italy was committed to extend the cooperation of a diverse potential sector to enhance the bilateral economic and cooperation between Pakistan and Italy.

While senior business leader and Secretary General United Business Group (UBG), Zafar Bakhtawri stressed the need to establish the direct air link between Pakistan Italy.He also proposed promotion of Italian and start Italian language classes in selected schools in the major cities of Pakistan.