1 week Ago By Our Staff Reporter
KARACHI - Consul General of Italy in Karachi Fabrizio Bielli highlighting the significant untapped potential in various sectors to double the existing bilateral trade volume to at least $ 3 billion emphasized the need to enhance bilateral economic, trade and investment relations between Italy and Pakistan. Speaking during his visit to the Karachi Chamber of Commerce and Industry (KCCI) on Wednesday, Fabrizio Bielli described Karachi as a city of immense economic potential and expressed his keen interest in exploring Karachi’s economic landscape and its potential for future collaboration, said a statement. There is significant untapped potential in various sectors, including energy, agriculture, water recycling, and industrial machinery, and Italy is a global leader in producing high-quality machinery for the textile sector as well as advanced medical equipment, including incubators for newborns, the Italian CG said.
PSX witnesses bearish trend, loses 1,379 points Referring to promising prospects in the pharmaceutical sector, he suggested creating joint ventures to manufacture Italian pharmaceutical products in Pakistan. He also advised KCCI to develop and share a comprehensive sectoral requirement report three times a year to help Italian institutions and businesses better understand the opportunities available in Karachi and across Pakistan. “More than just a window, a door is open at the Italian Consulate for promoting trade and investment ties”, Bielli affirmed and stressed on joint efforts to identify opportunities and strengthen economic and commercial relations between our two countries.
Senior Vice President KCCI Zia ul Arfeen pointed out that the EU has consistently been Pakistan’s largest export destination, surpassing the $8 billion mark in FY24, with Italy as a significant trading partner with bilateral trade volume over $1.6 billion in the fiscal year. Out of which, Pakistan’s exports to Italy have reached $1.
12 billion in FY24. Zia ul Arfeen believed that the recent hike in US tariffs has triggered global economic and trade concerns. However, Pakistan sees this not just as a challenge but as an opportunity to strengthen ties with its strategic and trade partners, and approach the matter with a comprehensive plan and measured response.
Pakistan’s economy to grow 2.5pc in FY2025: ADB “This is also an opportunity for Pakistan and Italy to find ways and explore avenues to pursue economic diplomacy to enhance bilateral trade and boost exports between the two countries”, he added. Highlighting Pakistan’s strategic location, demographic advantages, rich natural and energy resources and opportunities under the China-Pakistan Economic Corridor (CPEC), he informed that the Special Investment Facilitation Council (SIFC) targets sectors like mining, energy, agriculture, IT, and tourism through a window facility.
Italian companies can seize investment opportunities in CPEC and SIFC, which are the tools for regional economic transformation while both countries can develop public-private partnerships in tourism, enhance hospitality services, and launch joint campaigns to attract more international visitors, driving growth and boosting revenue, he proposed. Vivo V50 Lite launched in Pakistan Vice President Faisal Khalil Ahmed, Ahsan Arshad Sheikh, Majyd Aziz, Abdullah Zaki, and KCCI Managing Committee Members, were also present on the occasion. Tags: italian joint efforts enhance bilateral.
