Italy an active investor in Pakistan: Ambassador Andreas Ferrarese
Newswire
Islamabad: Italy’s Ambassador to Pakistan Andreas Ferrarese has said that Italy remains an active investor in Pakistan.
In an interview, the envoy said Italy highly encouraged Pakistani companies and businessmen to invest in a number of sectors in Italy.
“Italy offers lucrative investment opportunities as it has a domestic market of 60 million people as well as direct access to the composite market of 500 million Eurozone,” he said.
The Ambassador said it was a matter of great satisfaction that both the countries enjoyed very cordial relations, since establishment of bilateral ties some seven decades ago.
“It is rare that two countries would have such a long history of relations with absence of differences or disagreements. Italy and Pakistan have a great unanimity of views on several issues of global importance as well as continued cooperation in political, trade & commerce, educational and cultural sectors. I shall dedicate my energies to further enhance collaboration between the two countries in all the fields,” he remarked.
He said Pakistani companies may invest in the manufacturing sector of Italy which is the second largest manufacturing economy of Europe, fifth largest globally and ninth largest exporter of the goods in the world.
“By investing in Italy, Pakistani companies could profit from latest technologies and expertise in important sectors like food, fashion & design and robotics. Another benefit of doing business in Italy is the availability of skilled workforce in various manufacturing sectors, that too at a lower cost as compared to other Eurozone countries,” he added.
Ambassador Ferrarese said the economic ties between Italy and Pakistan have been witnessing an unprecedented development in the last few years, with an increasing trade exchange which has reached 1.45 million euro in 2018 1.42 million euro in 2019, growing steadily from 2015.
He said the increase in trade flows is particularly evident in the aftermath of the GSP plus (Generalized Scheme of Preferences) signed with the EU, in force since January 1st 2014. This agreement, supported by Italy at the European level, entitles Pakistan to tariff exemptions on three quarters of its products, in exchange for ratification and implementation of the 27 major international conventions on labor rights, environmental protection and governance. Starting in 2014, the annual value of Pakistani exports to the European Union exceeded six billion euro, according to sources from the European Commission. We are confident that this tool will continue playing a key role in enhancing trade relation between Pakistan and Europe in general, and with Italy in particular.
