LAHORE: Italian businessmen are keen to make investment in Pakistan’s energy sector besides having joint ventures in other fields.
This was stated by the Pakistan Ambassador to Italy Nadeem Riaz while speaking at the Lahore Chamber of Commerce & Industry (LCCI). LCCI former Presidents Tariq Hameed, Mian Misbah-ur-Rehman, Farooq Iftikhar, Mian Muzaffar Ali, Ijaz A. Mumtaz, Executive Committee Members Rizwan Shamsi, Khadim Hussain and Provincial Secretary Transport Javaid Akbar Bhatti were prominent among the participants.
The Ambassador said that there is a huge business potential in the two countries that should be tapped. He urged the LCCI to constitute a sector specific business delegation for Italy to explore trade & investment opportunities. He said that the information of delegation should be provided to the Pakistani mission in Italy at least two months before so that B2B meetings could be arranged with their Italian counterparts.
He said that there is a vast scope for joint ventures in energy, pharmaceutical, agro infrastructure, automobile, textile and marble sectors. He also stressed the need for Memoranda of Understanding (MOUs) between the top organizations of the two countries.
The former LCCI President Farooq Iftikhar said that Pakistan and Italy should hold sector-wise study to evolve a comprehensive joint strategy to enhance volume of trade between the two countries.
He said that Italy had been very supportive to Pakistan within the EU with special reference to trade-related issues. He said Pakistan attaches the highest importance to its relations with Italy.
Farooq Iftikhar said that the climate for foreign investors in Pakistan is so conducive that they could now have 100 per cent equity and there are no restrictions on remitting dividend, profits, fee etc. Cost of doing business in Pakistan has also decreased owing to low interest rates and availability of cheap labour force.
The Italian investors can invest in energy, agro-based industries, construction, mining, textiles and tourism sectors, where Pakistan could contribute and find complimentary areas in design and fashion. Other sectors included IT and telecommunication.
He said that Italian businessmen could take advantage from the investment-friendly climate of Pakistan that offered best return on the foreign investment with economic policies providing for legal protection to foreign investment. Despite ups and down and other problems, not a single foreign investor has suffered in Pakistan.
Farooq Iftikhar said that it is high time for the Italian investors to come to Pakistan and make investments as the country is fast becoming hub of economic activity in the region.
Former LCCI President Mian Muzaffar Ali said that there is vast scope in the field of dairy products in which Italy enjoys expertise and hence both the countries can make huge profits. He said that Pakistani businessmen should focus on Italy which is a diversified industrial economy with roughly the same total and per capita output as France and the UK. The capitalistic economy remains divided into a developed industrial north and a less developed, welfare dependent agricultural north.
He said that Pakistani businessmen should work hand in hand with their Italian counterparts in the fields of tourism, machinery, iron & steel, chemicals, food processing, textiles, motor vehicles, clothing, footwear and ceramics.
