It is with great pride that I extend my greetings to the readers of this special supplement, celebrating the Italian National Day on June 2nd, 2024, in Islamabad. As we navigate through the complexities of the global economy the role of trade promotion becomes increasingly vital.
I am delighted to inform you that the Italian Trade Commission (ITA) in Islamabad is operational. Our Islamabad office and our promotional desk, based in Karachi, are able to meet the needs and requirements of the business sector in Pakistan.
As a result of globalization, digital transformation, standardization and regional economic aggregation, international trade promotion is becoming increasingly complex. The Italian Trade Commission can be an excellent tool for developing bilateral economic relations and helping Pakistani producers and exporters access new technology suppliers in Italy.
Pakistan’s goods and services trade with Italy generates a robust surplus during fiscal year 2022-23 as compared to the previous year. Trade surplus reached $624.518 million in FY2023 against $316.995 million a year ago, showing a growth of 97.11%.
On a year-on-year basis, exports to Italy decreased 18.57% to $98.601 million in June 2023 against $121.101 million in June 2022. On a month-on-month basis too, export shipments to Italy dipped 2.76% in June 2023 as compared to exports valuing at $101.400 million in May 2023.
Italy is one of Pakistan’s top ten partners, with longstanding trade relations between Italian industrialists and their Pakistani counterparts spanning several decades. We strongly believe that there is significant room for further enhancement through intensified trade promotion activities in both countries.
We look forward to becoming a major stakeholder in Pakistan’s industrial growth and development, not only in terms of technology supplier for manufacturing and agricultural sectors but also in terms of quality standards. Opportunities for the bilateral Trade:
Currently, our entrepreneurial system is focusing on Asia, with a particular emphasis on Pakistan. Through our privileged position, we are able to identify and often anticipate the significant commercial and economic opportunities that Pakistan can offer during this transformative phase in the global economy. We aim to share these opportunities with Italian companies, fostering collaboration for mutual benefit.
The Italian institutions present in Pakistan have identified three large areas of opportunity to enhance collaboration, benefitting both economic systems:
• Product diversification and modernization,
• Agricultural mechanization and resilience,
• Energy generation and efficiency
Pakistani businesses and entrepreneurs are encouraged to connect with the Italian Trade Commission to explore the vast opportunities of industrial cooperation. Together, we can build an even more prosperous future for our economic resources.
Copyright Business Recorder, 2024