LAHORE: Ambassador Italy Stefano PONTECORVO has said that Pakistan will be in the top-10 trading partners of Italy by the end of this year. Traders of both countries should be “the one” to take mutual trade to new heights.
He was talking to the LCCI President Malik Tahir Javaid, Senior Vice President Khawaja Khawar Rashid, Vice President Zeshan Khalil and executive committee members here at the Lahore Chamber of Commerce & Industry. Convener LCCI Standing Committee on Pak-Italy Trade & Marble Industry Chaudhry Khadam Hussain, Awas Saeed Piracha, Mian Muhammad Nawaz, Tahir Manzoor Chaudhry, Adeeb Iqbal Sheikh, Tehmina Saeed Chaudhry, Shahid Nazir, Shahrukh Jamal, Sheikh Zafar Iqbal and Muhammad Chaudhry were also present.
“We have set the basis for strong position for Italian presence in Pakistan”, the Italian Ambassador said and added that more Italian companies from Energy, Steel, Chemicals, mining and various other sectors are planning to start operations in Pakistan. He said Pakistan should take benefit from technological advancement of Italy. Italy’s per meter value addition in textile is highest in the world and it is producing 100% energy from renewable resources. He said that Italy is establishing three centers of excellence and an initial amount of $ 1.2 million has been allocated for this purpose.
Italian ambassador also called for exchange of trade delegation and participation in trade fairs & exhibitions on reciprocal basis.
The LCCI President Malik Tahir Javaid said that Italy is an important trading partner of Pakistan in Europe which simultaneously comes at 4th place among the top importing and exporting destinations for Pakistan in European Union. He said that the balance of trade favors Pakistan and it is encouraging to see that volume of bilateral trade is being maintained over one billion dollar. We wish to maintain this favorable trend and also enhance the volume of two way trade with the help and cooperation of individuals like you.
Malik Tahir Javaid said that the worth of bilateral trade of Pakistan with Italy slightly increased from dollar 1.1 billion in 2015 to dollar 1.2 billion in 2016. The rise in trade volume is due to the increase in both imports and exports. The exports of Pakistan has increased from dollar 618 million to dollar 667 million and the imports from dollar 443 million to dollar 528 million from the year 2015 to 2016.
He said that Pakistan’s main exports to Italy include bedlinen, woven fabrics of cotton, articles of apparel, leather items, rice, footwear, and cotton etc. Pakistan imports pharmaceutical products, organic chemicals, electrical machinery, mineral fuels and articles of plastics etc., from Italy.
“It is really good to see that Italian investors and businessmen are taking interest in fashion and marble sectors of Pakistan in particular. If Italy could help Pakistan get the latest technology required in these sectors then we can perform much better which in a way would also benefit Italy”, Malik Tahir Javaid said.
