While taking a tour of the Lahore Chamber of Commerce and Industry (LCCI) the Italian ambassador, Andreas Ferrarese, said that the two countries have the potential to increase the bilateral trade volume up to $5 billion annually. Both countries agreed to increase trade through joint efforts.
The Italian delegation as well as LCCCI President Mian Tariq Misbah, Senior Vice President Muhammad Nasir Hameed Khan attended the meeting. The Italian ambassador said that Italy had ample savings upwards of $5 trillion that allowed the country a lot of fiscal space to undertake investment projects.
He invited Pakistani investors for this purpose, offering them long-term visas of 3-5 years. He also assured that the country would help in establishing business-to-business (B2B) contacts and trade relations. The ambassador said that there was a huge potential for investment in the construction, agriculture, and tourism sector that could increase the bilateral trade volume to $5 billion. The current trade volume stands at $1.7 billion.
Italy has already established the Italy-Pakistan Textile Technology Center (IPTTC) in Faisalabad at the National Textile University (NTU) to upgrade the local textile sector. With the establishment of the Special Economic Zones (SEZs) in Pakistan, there are ample opportunities for the Italians to increase their investment as well.
Image Source: Samaa
