Italy and Pakistan to boost trade relations further. The Italian Ambassador to Pakistan, Andreas Ferrarese in this regard expressed that it is necessary that the two countries develop these partnerships in different sectors of the economy. In addition, this will accelerate trade and build a more resilient economy for Pakistan.
In an exclusive interview with APP (Associated Press of Pakistan), the ambassador stressed “Both the sides 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,” He further added that during 2019-20, Pakistan exports to Italy were $731million including leather, rice, cotton, footwear and much more. Whilst Pakistan’s imports from Italy were about $521 million including pharmaceutical products, aircraft, iron and steel, as well as technical and medical apparatus. The Ambassador also pointed out that Italy is a significant contributor in the leather, marble, and textile sectors.
Speaking about this new economic venture, Ambassador Ferrarese highlighted the importance of the joint action. Discussing how this would further strengthen their cooperation in different sectors of the economy.
“I want to open up a cultural centre, maybe in one part of the new embassy, and promote Italian cuisine, art, paintings, music so that the Pakistanis can know more about Italy.”Ambassador Ferrarese sees this bilateral trade opportunity as a way to promote cultural connectivity. He also touched on the fact that Pakistan has a 10% share of trade with Italy. And acknowledged that in FY 2019-20 Pakistani workers contributed approximately $142.9 million in home remittances, the largest contributor in the EU. Therefore, Ambassador Ferrarese affirmed the commitment of Pakistan and Italy to extend bilateral relations promoting economic growth in the long run.