Industry official urges strong commercial ties with Italy

Asks exporters to focus on non-traditional partners for boosting exports

LAHORE: Collaboration between private sectors of Pakistan and Italy can be equally beneficial for both the countries, Italian Development Committee of Pakistan’s Sub-committee on Mines and Marble (Lahore Chapter) Chairperson Chaudhry Khadim Hussain said.

The initiative will allow Pakistan to learn from Italian expertise while Italy can take benefit of Pakistan’s huge untapped potential, Hussain added in a message sent to Italian Ambassador in Pakistan Stefano Pontecorvo, according to a spokesman for the Lahore Chamber of Commerce and Industry (LCCI). Hussain, who is also a former LCCI board member, said Italy is the eighth largest economy in the world and third largest in euro zone and has been a relatively stable economy.



“At present, Pakistan is struggling to boost its exports, which can be made possible by focusing on non-traditional partners,” Hussain said while also criticising the imposition of regulatory duty on 731 import items as counter-productive to bringing down the trade deficit.

“Historical economic stability allows Italy today to be counted among the largest economies in terms of net wealth per capita and household, reflected in its low level of private debt and average financial liabilities,” he maintained.

Pakistan needs to maintain strong relations with Italy, he said and suggested regular interaction between businessmen and diplomatic missions of the two countries, frequent exchange of economic and trade delegations to identify areas of mutual interest and joint trade shows to achieve required goals.

“Keeping in view the market potential of the two countries, a lot of progress could be made on the trade front through boosting existing trade and identifying new tradable items between the two countries.



“To cater to the requirements of Pakistani market, marble, chemicals, dairy products, electronic equipment, machinery and automobiles can be exported by Italy, whereas Pakistan has a competitive advantage in textile, surgical instruments, leather products, sports goods, fruits, vegetables and rice,” Hussain added.

Published in The Express Tribune, December 26^h, 2017.

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