Italy discusses ways to increase trade volume with Pakistan

With improving law and order situation, there exists potential for investment

Peer Muhammad December 17, 2015
Italian Trade Commissioner Riccardo Monti. PHOTO: FILE

ISLAMABAD: Italy has committed to double its trade volume with Pakistan in the coming three to four years by expanding its scope in various sectors ranging from food to pharmaceuticals, said visiting Italian Trade Commissioner Riccardo Monti.

While addressing a press conference following a meeting with Pakistani authorities and businessmen, Monti said, “We have decided to reopen our trade office in Pakistan that had been closed for the past three years to reactivate trade and investment activities.”

Trade with Italy: Envoy says Pakistan a potential market

He said Italy would double its trade volume with Pakistan in the next three to four years. “In the trade and investment front, Italy remained under-represented during the last few years compared to other major European economies including Britain, France and Germany. We will now resume our trade activities in the country.”

Monti was of the view that with improving law and order situation in Pakistan, there seemed good potential for trade and investment between the two countries. “Italy would provide special incentives to investment companies and business counterparts,” he added.

Responding to a question, Italian Ambassador to Pakistan Stefano Pontecorvo informed that Italy was in favour of extending the GSP Plus status to Pakistan granted by the EU countries. It will be reviewed next month.

Pakistan, Italy: Trade commission may reopen office in Karachi

The trade commissioner said the China-Pakistan Economic Corridor (CPEC) project was “a realistic approach towards generating business opportunities”.

He underlined agriculture and food sector, machinery, fruits and food processing, leather industry, pharmaceutical sector and, in particular, the textile sector as potential areas for trade and investment.

“Italian companies would provide machineries and expertise for quality promotion and value addition of Pakistani products along with services for technological training and capacity building in rural development and health sector. Additionally, we can also invest in large manufacturing and infrastructure sectors,” he added.

He said Italian firms could work in any environment. “We will put our resources for organising seminars, trainings and provisions of other facilities for trade and investment promotion between Italy and Pakistan,” he concluded.

Published in The Express Tribune, December 18th,  2015.

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