Message from H.E. Andreas Ferrarese, Italian Ambassador to Pakistan

TEXT: Today is 2nd of June, the Italian National Day, and I am pleased to address the readers of Business Reorder on this special day. I would start by thanking all Pakistani friends who sent messages of warmth and solidarity on this auspicious occasion.

Italy and Pakistan have a long history of cordial relations and cooperation in political, economic, cultural and social spheres. It is a matter of great satisfaction that the two nations have unanimity of views on several issues of global importance, and mutual cooperation in all the fields has been on the rise.

Foreign Ministers of our two countries recently met in New York where they renewed the determination of strengthening bilateral partnership.

Italy is home to more than 150.000 Pakistanis, the largest Pakistani diaspora in Europe (after Brexit). Engaged in various production sectors in Italy, they continue to make great contribution to the economies of both countries.

Italian government and people very much appreciated Pakistan’s solidarity to Italy when Italy was badly affected during the early stages of Covid-19 pandemic.

Pakistan, with its unique geo-strategic location and improved security conditions, offers great investment opportunities for Italian companies. With a population of around 220 million and a constantly growing demand of high-end products, Pakistan remains and attractive market for Italian manufacturers and businessmen.

Italy is among top ten exporting countries for Pakistan globally, and third largest trade partner in European Union. Although global trade shrank during Covid-19 pandemic but Pakistan’s exports to Italy in year 2021 grew by 22.1% with a total value of €763.51 million. In the same period Italian exports to Pakistan saw in increase of 48.6% with a total value of €754.06 million. Bilateral trade has seen a growth from € 1.42 billion in 2019 to €1.52 billion in 2021. Trade volume in Jan-Feb 2022 stood at €289.37 million as compared to €203.41 million during the same period of year 2021.

It is worth mentioning that remittances from Pakistani workers in Italy hit an all-time high. With the figures of $711.7 million in FY22, Italy has become the seventh largest center of worker remittances to Pakistan globally, and the top one in the EU countries.

The ultimate Italy-Pakistan Mixed Economic Commission took place in Islamabad, where the two sides discussed trade opportunities between the two countries, with focus on development of foreign investments through SEZ (Special Economic Zones) in key sectors such as agro-industry.

Apart from business and trade, Italy has carried out significant projects in fields of archaeology, agriculture, health, culture and tourism.

Archaeological Mission is one of the oldest present missions in Pakistan, and has made great contributions to Pakistan’s already rich archaeological sphere.

Italian cooperation has supported several ventures in fields of agriculture, health and infrastructure in diverse regions of the country. Italians’ love for Pakistani mountains is no secret and that reflects through their activities of conservation and uplift of Pakistan’s mountainous areas. You would be pleased to learn about all these activities through articles published in this supplement.

The Embassy of Italy in Islamabad is committed to boost commercial ties between the two countries and for that purpose we shall explore all the possible avenues with focus on agriculture, machinery, textiles and tourism. Collaboration in fields of textiles, agriculture, livestock, construction, marble, pharmaceuticals and tourism would help enhance Pakistan’s industrial scope and increase exports of value added goods. We are excited on the launch of “Olive Culture Project” in Pakistan that would bear tangible fruits for the country in future.

We have ambitious plans to further strengthen bilateral economic ties, with an aim to take mutual trade to its natural size. We look forward to a deeper collaboration with Pakistani business community, relevant bodies such as Italian Development Committee and chambers of commerce and industry in both countries.

From everyone at the Italian Embassy in Islamabad:

“buona festa”.

Viva l’Italia!

Pak-Italy dosti zindabad!

Copyright Business Recorder, 2022