ISLAMABAD: Bilateral trade volume between Italy and Pakistan has exponentially grown from € 1.42 billion in 2019 to €1.52 billion in 2021. It is the first time that Pakistan’s exports are more than imports in Italy.
According to the Ambassador of Italy to Pakistan, Andreas Ferrarese, although global trade shrank during the Covid-19 pandemic, Pakistan’s exports to Italy in 2021 grew by 22.1%, with a total value of €763.51 million. In the same period, Italian exports to Pakistan saw an increase of 48.6%, with a total value of €754.06 million. The trade volume in Jan-Feb 2022 stood at €289.37 million compared to €203.41 million during the same year in 2021.
With its unique geo-strategic location and improved security conditions, the Ambassador further said that Pakistan offers excellent investment opportunities for Italian companies. With a population of around 220 million and a constantly growing demand for high-end products, Pakistan remains an attractive market for Italian manufacturers and businesspeople.
It is worth mentioning that remittances from Pakistani workers in Italy hit an all-time high. With the figures of $711.7 million in FY22, Italy has become the seventh-largest center of worker remittances to Pakistan globally and the top one in the EU countries.
Moreover, Italy is home to more than 150,000 Pakistanis, the largest Pakistani diaspora in Europe (after Brexit). Engaged in various production sectors in Italy, they continue to contribute to both countries’ economies.
He further stated that Italy is among the top ten exporting countries for Pakistan globally and the third largest trade partner in European Union.
Apart from business and trade, Italy has carried out significant projects in archaeology, agriculture, health, culture, and tourism. Italy’s Archaeological Mission is one of the oldest present missions in Pakistan and has made significant contributions to Pakistan’s already rich archaeological sphere.
The Embassy of Italy in Islamabad is committed to boosting commercial ties between the two countries. The Ambassador informed that both countries should explore all the possible avenues focusing on agriculture, machinery, textiles, and tourism.