Chairman FPCCI Stresses For Enhancing Pak-Italy Economic Trade Linkages

ISLAMABAD, (UrduPoint / Pakistan Point News - 21st Jan, 2021 ) :The Chairman Federation Pakistan Chamber of Commerce and industry (FPCCI) Capital Office Haji Qurban Ali stressed the need to enhance the economic and trade linkages between the business community of Italy and Pakistan for increasing the trade between both sides.

Local business community want equilibrium and to achieve trade balance as currently, Pakistan had a trade surplus in bilateral trade with Italy as was observed in FY 2019-20," senior business leader said.

Chairman FPCCI said this while presiding over a meeting with the Ambassador of Italy to Pakistan Andreas Ferrarese along with senior business leaders including Coordinator Capital House, FPCCI Mirza Abdur- Reham and others here in FPCCI Capital Office.

The Ambassador of Italy to Pakistan, Andreas Ferraris Visit FPCCI Capital Office Islamabad, in a call on meeting with Haji Qurban Ali Chairman, FPCCI Capital Office Islamabad and Mirza Abdul Rehman Coordinator FPCCI.

Quban Ali said Pakistan exports to Italy were US $ 731million during 2019-20 while Pakistan's major exports to Italy included textile, leather, rice, ethanol, including textiles articles, sets, worn clothing, Cotton, apparel, crocheted, Cereals, raw hides and skins, leather, beverages, spirits and vinegar, Plastics, footwear and gaiters.

While in meeting, he also proposed the Ambassador to bring investment in the potential areas of Tourism, livestock, Mines minerals, Transport and Housing sector to enhance the cooperation between both the countries.

The senior business leader said that CPEC related Gilgit Baltistan (GB) Special economic Zone (SEZ) and others would increase the business and industrial cooperation between the business sector of Italy and Pakistan.

He said that Italian investors and businessmen can invest and start Joint Ventures with local industrialists in Gilgit Baltistan, SEZ in value addition on agriculture, livestock, mines and minerals and milk products.

He said that the GB region is a gateway for CPEC to provide opportunities to the Italian business people to connect with China as well as regional countries including Central Asian Republics (CARs) to get benefits from their economies.

While he said that in Gilgit Baltistan, there is huge potential of hydro power, which also supports any foreign investor for available cheap energy to the industrial sector and provides secure business opportunity.

Qurban Ali also said that GB region has a huge potential of tourism and livestock as the region owns the 8 biggest mountains of the world including any raw material for the Industrial sector and agro-industries.

While addressing to the business people, the Ambassador of Italy to Pakistan Andreas Ferrarese on said that Italy wanted to start a new era of economic and trade cooperation with Pakistan through transfer of technology and for upgradation of Pakistan's textile industry.

He said green economy, transfer of technology for industrial sector including textiles and agro industry, construction sector, education and health are major areas of focus to extend the bilateral cooperation.

The ambassador said through green economy, Italy wanted to cooperate with Pakistan for environment protection, circular economy, resource saving and management, ecosystem protection and recovery, water conservation and natural disaster prevention.

The Italian envoy said the new economic mission would be deployed in Pakistan to further promote bilateral trade and economic cooperation in different potential areas.

Initially the new economic mission would be established in major cities of Pakistan including Karachi and Islamabad and later it would be expanded to other potential trade hubs to increase the economic and trade integration between Pakistan and Italy, he said.

The Ambassador said that currently Italy was providing technical assistance in Agriculture and textiles upgradation through modern machinery, value addition in agriculture, leather and marble sectors.

He said Pakistan was working to expand it to Agricultural items including dairy and livestock, olives and olive products, plastics, processed food and construction sector in Italian market. Andreas Ferrarese underlined the importance of promoting cultural connectivity to promote bilateral trade.

He informed that dairy and livestock, olive and olive products, plastics, processed food and the construction sector were the areas where Italy could extend its cooperation with Pakistan. The Coordinator Capital Office, FPCCI Mirza Abdul Rehman warmly welcomed the Ambassador of Italy in FPCCI Capital Office Islamabad and offer full support from the platform of FPCCI to enhance Industry and trade relations between both the countries.

At the end of meeting Chairman FPCCI Haji Qurban Ali and Coordinator FPCCI Mirza Abdul Rehman Presented FPCCI Shield to the Ambassador.