Business

‘Pakistan and Italy can lift their bilateral trade volume to $5 billion’

Pakistan Italy trade

According to Italian Ambassador Andreas Ferrarese, massive potential exists for Pakistan and Italy to lift their bilateral trade volume to $5 billion.

On Tuesday, Ambassador of Italy Andreas Ferrarese expressed his views while addressing the business community at Lahore Chamber of Commerce & Industry (LCCI) where he said that Pakistan and Italy could bring their mutual trade to $5 billion annually through joint efforts.

He added that both sides have agreed to enhance mutual ties especially in areas of trade and economy.

The ambassador further said that Pakistan has been receiving utmost importance from the side of Italy and so all efforts would be made to strengthen the economic ties between both countries.

He added that the Italian government was committed to support the trade relations with Pakistan wherever it found any opportunity for mutual collaborations.

He went on to say that Italy had savings in excess of $5 trillion, he called this saving enough for fiscal space to undertake investment projects. He added that this opportunity should be availed by Pakistani investors.

LCCCI President Mian Tariq Misbah, Senior Vice President Muhammad Nasir Hameed Khan and Executive Committee Members Chaudhry Khadim Hussain and Shahid Nazir were also present.

Earlier in his welcome address, LCCI President Mian Tariq Misbah said that Italy was an important trading partner of Pakistan in Europe, he said, “Our exports to Italy are heavily concentrated in textiles, leather and rice etc. There is a tremendous potential for the two countries to enhance the economic and trade cooperation in the fields of construction, agriculture technology, plastic, processed food, dairy and livestock, pharmaceuticals and environment protection etc.”

He said that Italy was extending technical assistance to Pakistan in textile, leather and marble sectors. “We also appreciate the recent initiative by Italy of opening a Textile Machinery Training Centre in Pakistan which will support the development of local textile industry by enhancing its technical capacity,” he said.

“We will certainly like to develop a close liaison with the Italian Trade Commission office in Pakistan in order to exchange important information related to trade queries,” LCCI President said.

To Top