Pakistan-Italy economic trade relations booming


Karachi:The Ambassador of the Republic of Italy Mr.Adriano Chiodi Cianfarani, was the chief guest at Ceremony for the bestowing of the “Order of the star of Italy” by the President of Italy to the President of IDC Mr.Tariq Ikram, and launching of Franco’s Farm at DHA Club. Picture shows Mr.Roberto Franceschinis, Mr Tariq Ikram, Mr.Irfan Vazeeri, Mr.A.R.Sattar, Mr.Mohammedi Miabhoy, with other guests.

KARACHI: Italy has always followed with keen interest the Pakistani market and gradually increased its’ positioning, becoming one of the top ten global trading partners of Pakistan and the third amongst the EU member States, after the UK and Germany, with a growing trade exchange amounting in 2013 to approximately $1.2 billion. This was said by Italian Ambassador to Pakistan, Mr Adriano Chiodi Cianfarani, at a ceremony for the bestowing of the “Order of the Star of Italy” conferred on President Italian Development Council (IDC) Mr Tariq Ikram by the President of the Republic of Italy. Mr Chiodi said Italian investments in Pakistan have been growing. In the first quarter of the current fiscal 2013-2014) they have reached approximately $200 million which are mostly in the energy sector. Almost 60 percent of Pakistani imports from Italy are in the machinery and equipment sectors, while Pakistan exports to Italy mostly textile and leather products (together amounting to 91 percent).

The Italian ambassador said that the 24-strong high-end business delegation representing 15 Italian companies that visited Pakistan in December showed the growing interest that Italy’s economic sector has developed for Pakistan and the huge potential for further growth in our bilateral trade. He said a second business delegation, led by some Italian Members of Parliament will be visiting Pakistan in April to further boost bilateral trade relations.

Referring to the new Generalised System of Preferences GSP+ that has come into force on January 1st 2014, after a long process, the Italian Ambassador said that the GSP+, granted to Pakistan and 9 other developing countries, is an important opportunity for the Pakistani industrial sector, that can help support Pakistan’s economic growth. He said this facility offers for a time period of 10 years, duty-free access to 91 percent of the product-lines imported into the European Union, including but not only textiles.

He suggested that to avail the opportunities of this scheme, Pakistan should continue to implement structural economic reforms, tackling its internal energy crisis, and invest in research and development to obtain a more “value-added” output to further diversify its palette of products.

He said to further encourage bilateral business links, the Italian Embassy in Islamabad and the Consulate in Karachi is promoting the creation of a full-fledged Italian Chamber of Commerce in Pakistan.

He added the Karachi-based IDC is completing procedures for official recognition from Italian authorities, to become the first chamber of commerce in Pakistan officially recognized by the authorities of an EU Member State. In this respect he commended the hard work and efforts undertaken by the IDC both under its past president Mr Irfan Vazeer and under the new set-up, headed my Mr Tariq Ikram. He concluded by hoping that the IDC will also be able to engage with the 180.000-strong Pakistani Community in Italy, which could add momentum to the process and be considered as an added value.