ISLAMABAD: Pakistan and Italy have agreed to increase institutional collaboration to promote and develop Small and Medium Enterprise (SME). Pakistan and Italy have identified areas of cooperation to have greater economic and commercial exchanges for mutual benefit.
These areas include collaboration in important sectors like livestock, energy, infrastructure, oil and gas, transport management and chemicals. Both sides also agreed to remove bottlenecks in promotion of trade.
Italy is in favour of free trade with Pakistan under the umbrella of the European Union (EU) and wants to increase bilateral trade with Pakistan, sources said, adding that the China-Pakistan Economic Corridor (CPEC) will enhance global connectivity of the country. Italian companies involved in communications and construction have ample opportunities to take part in the CPEC.
In this regard, Pakistan and Italy signed three letters of Intent (LoIs) for cooperation in textiles, footwear and stone sectors. Another MoI was also signed between Pakistan Stone Development Company (PASDEC) and its Italian counterpart Confidustria Mardomacchine.
According to Finance Ministry, both the Pakistan and Italy held third session of Joint Economic Commission (JEC) exchanged on the current economic conditions and prospects of enhancing bilateral commercial and investment relationship. The two sides reviewed the economic situation in both countries and discussed areas of bilateral economic cooperation.
Minister of State for Finance Rana Muhammad Afzal Khan and Deputy Minister, Italian Ministry of Economic Development Ivan Scalfarotto headed the respective sides in the session.
While noting that there was an increase in bilateral trade during the past year, the two sides agreed that the current level of bilateral trade and investment did not fully reflect the potential of their economies. Both sides acknowledged the need of increasing the total trade flows by facilitating market access and diversifying the range of goods and services.
In the second JEC session held December 2016, both the countries had agreed to enhance their bilateral trade to $1.5 billion from $1 billion from the current fiscal year of 2016/17.
Coincidently, the both Rana Muhammad Afzal Khan and Ivan Scalfarotto also led their respective sides in that session too but then Rana Muhammad Afzal Khan was parliamentary secretary for finance and economic affairs.
At the conclusion of a meeting of the Pakistan-Italy Joint Economic Commission on Monday, Italy’s Deputy Minister for Economic Development Ivan Scalfarotto told newsmen.
