ISLAMABAD, Jun 12 (ABC): Chief Executive Officer Pakistan Furniture Council (PFC) Mian Kashif Ashfaq Sunday disclosed that for the first time Pakistan’s exports to Italy exceeded its imports from the country – depicting upward trends in promotion of bilateral trade between the two countries.
Talking to a delegation of exporters and importers led by honorary Investment Consular and Tourism Ambassador to Italy Muhammad Sheheryar Khan, he said bilateral trade volume between Italy and Pakistan has exponentially grown from € 1.42 billion in 2019 to €1.52 billion in 2021.
He said that Ambassador of Italy to Pakistan, Andreas Ferrarese, was a key driving force behind the further cementing of trade relations between the two countries.
He said that although global trade shrank during the Covid-19 pandemic, Pakistan’s exports to Italy in 2021 grew by 22.1%, with a total value of € 763.51 million. In the same period, Italian exports to Pakistan saw an increase of 48.6%, with a total value of € 754.06 million.
The trade volume in Jan-Feb current year stood at € 289.37 million compared to € 203.41 million during the same period in 2021, he added.
With its unique geo-strategic location and improved security conditions, Kashif said, that Pakistan offered excellent investment opportunities to Italian companies.
With a population of around 220 million and a constantly growing demand for high-end products, Pakistan remained an attractive market for Italian manufacturers and businesspeople, he added.
He said that remittances from Pakistani workers in Italy hit an all-time high. With the figures reaching $ 711.7 million in FY22, Italy had become the seventh largest centre of worker remittances to Pakistan globally and the largest in the European Union (EU).
Moreover, he said, Italy was home to more than 150,000 Pakistanis, the largest Pakistani diaspora in the EU (after Brexit). Engaged in various production sectors in Italy, they continued to contribute to the economies of both countries.
Mian Kashif further stated that Italy was among the top ten exporting countries for Pakistan globally and the third largest trade partner in the EU.
Apart from business and trade, he said, Italy had carried out significant projects in archaeology, agriculture, health, culture, and tourism, adding that Italy’s Archaeological Mission was one of the oldest present missions in Pakistan and had made significant contributions to Pakistan’s already rich archaeological sphere.
He said that the Embassy of Italy in Islamabad was committed to boosting commercial ties between the two countries.
Muhammad Sheheryar Khan stressed that both countries should explore all the possible avenues focusing on agriculture, machinery, textiles, and tourism.