Italian state delegation visit to
by A.R. Daudpota,
Deputy Italian Trade Commissioner.
A high level Italian state delegation led by Ivan Scalfarotto,
Deputy Minister for Economic Development Italian Republic
visited Islamabad and Lahore.
The delegation constituted of 60 Italian representatives from
Italian organizations operating in the Textile, Leather,
Footwear, Infrastructure, Information Technology, Renewable
Defense, Marble & Granite, Railways, Jewelry and Precious Stones
sectors. Including Italian business associations CONFINDUSTRIA,
ACIMIT (Textile), AICE (ICE), ASSOMAC (Footwear and Tanning),
CNA (Craft Sector & SMEs), FEDERUNACOMA (Agriculture), and
FEDERMACCHINE (Capital Goods).
With a volume of over one million dollars of bilateral trade
being maintained between Italy and Pakistan, it is only
appropriate to say that Italy is one of the most significant
trading partner of Pakistan amongst the European Union, which
comes in at 5th and 3rd places respectively amid the top
exporting and importing endpoints for Pakistan. Therefore it is
only plausible that Pakistani Capitalists wish to uphold this
favorable trend and also enhance the volume of bilateral trade,
as this trade balance also seems to be favorable for Pakistan as
whole rather than just their own individual organizations.
In 2015 the bilateral trade between the two countries
contracted slightly; 1.1 billion Dollars, as compared to the
year 2014 where the Bilateral trade was worth 1.2 Billion
Dollars. This contraction counted be attributed to the slight
dip in the imports (470M$ to 444M$) and exports (767M$ to 618M$)
of Pakistan during 2015 in contrast with the previous year.
These figure are significant in getting a hold of the detailed
facts of the Bilateral trade between Italy and Pakistan, However
it must be noted that these figures in no way reflect the actual
trade potential between the two countries.
In order to explore the potential areas of trade which have
remained untapped so far it is suggested that specialized market
surveys be conducted, as both countries have enormous market
size. What was really appreciated by the capitalists and the
Pakistani Government officials alike was the fact that Italian
investors and businessmen took interest in Pakistan, which in
turn could lead to Pakistan acquiring the latest technology
required by many business sectors through Italy. This could
create a win-win situation for both the countries.
In the Joint Economic Commission (JEC), The Italian
delegation was led by Ivan Scalfarotto, Deputy Minister for
Economic Development Italian Republic, accompanied by Dr.
Michele Scannavini, President ICE/ITA, Dr. Stefano Pontecorvo,
Italian Ambassador to Pakistan and Dr. Gianpaolo Bruno, Italian
Trade Commissioner to Pakistan along with 25 official delegates
from different field of activities from Italy. Whereas from
Pakistan’s side Secretary Economic Affairs Division and senior
representative from Finance, M/o Foreign Affairs, Commerce,
Water and Power, National Food Security & Development Climate
change, Communication, Federal Board of Revenue, Board of
Investment and Provincial Departments of Agriculture also
participated in the event.
In this (JEC), both governments discussed the current
standing of economic situation, an outline of reforms,
priorities, and bilateral institutional and trade relations.
Both side identified areas of cooperation and agreed on the need
to have grander economic and commercial exchanges for mutual
benefit of the two countries. They agreed to form four working
groups including Energy and Infrastructure development, Trade
and Joint Venture, Agriculture and Agro Industries and
Information Technology Collaboration.
Later Mr. Rana Muhammad Afzal Khan welcomed the Italian
delegation and said that Pakistan valued its relations with
Italy and wanted to further enhance their ties especially in
trade sector. He said that the Italian delegation has come here
to explore business and investment opportunities and taking keen
interest in investment in various sectors of economy including
trade, technology, infrastructure, food and agriculture sectors.
Mr. Afzal said “We had fruitful meeting and discussions with
Italian business delegation and they have expressed their desire
to explore investment opportunities in Pakistan”.
Speaking on the occasion the Italian Deputy Minister for
Economic Development Ivan Scalfarotto said that they were
visiting Pakistan to explore the business and trade
opportunities and do log term relationship in various sector of
economy including infrastructure, machinery, energy , ports,
agriculture, textile, leather, footwear, fashion design,
railways and technical fields.