The Ambassador of Italy to Pakistan, Andreas Ferrarese, said there are vast opportunities for mutual trade and investment between Pakistan and Italy. Business people and traders of both countries can reap the benefits. Economic, trade, and cultural relations between Italy and Pakistan are at an all-time high. He said this while hosting a dinner in honor of senior business leaders and presidents of different trade chambers of the country at his residence.
The Ambassador also highlighted their efforts to lift the textile industry of Pakistan. He said that Italy had established the Italy-Pakistan Textile Technology Center (IPTTC) in Faisalabad at the National Textile University (NTU) to upgrade the local textile sector. He said the training center, which was the first of its kind for Italian textile machinery technology in Pakistan, was inaugurated in the recent past. He said the Italian government financed this project to support the development of the local textiles industry by equipping it with Italian machinery. Industries could get benefits from their dedicated faculty and Italian technology.
Workers’ remittances from Italy hit a historic high of $601 million in FY21. As a result, Italy emerged as the seventh-largest global destination for workers remittances to Pakistan and ranked first among the countries in the EU. The Ambassador also stressed that there was immense potential for trade in different sectors of the economy and underlined the need to explore it by engaging in a dialogue process through the Pak-Italy Joint Economic Commission.
