Potential of economic ties with Italy yet to be tapped

Karachi: There is huge potential of economic ties with Italy, an important nation of the European Union, which is still to be tapped for the benefits of the people of both friendly nations.

Italy, officially the Italian Republic, is a unitary parliamentary republic in Southern Europe. Italy covers an area of 301,338 km2 (116,347 sq mi) and has a largely temperate climate; due to its shape, it is often referred to in Italy as lo Stivale (the Boot). With 61 million inhabitants, it is the 5th most populous country in Europe. Italy is a very highly developed country and has the third largest economy in the Eurozone and the eighth-largest in the world.

Pakistan and Italy enjoy friendly ties. There is a large Pakistani Diaspora in Italy. Most Pakistani migrants are employed in the north of Italy, around Milan; they earn roughly US$700 per month in wages. According to media, roughly 10,000 Pakistani migrants have purchased homes in Italy.

The Abdus Salam International Centre for Theoretical Physics (ICTP) is also a hallmark of Pak-Italian ties. It was founded in 1964 by noted Pakistani scientist and Nobel Laureate Abdus Salam. It operates under a tripartite agreement among the Italian Government, UNESCO, and International Atomic Energy Agency (IAEA). It is located near the Miramare Park, about 10 kilometers from the city of Trieste, Italy.

Recently, the First Secretary, Embassy of Italy, Elena Claudia Di Vito, said that Pakistan has great economic potential and Italian entrepreneurs are interested to invest in Pakistan. Italy is keen to strengthen political and economic relations with Pakistan.

We are taking efforts to boost bilateral relations with Pakistan in many sectors including gas and oil sectors,” Elena Claudia Di Vito said at news exchange agreement signing ceremony between Agenzia Giornalistica Italia (AGI) news agency of Italy and Pakistan Press International (PPI) in Karachi. She said that the agreement would further boost the soft image of Pakistan and would help ensure exchange of information and knowledge between the two countries. It will also raise bilateral cooperation between the two sides.

Alessanodro Pica, General Manager, AGI News Agency, said that the agreement between AGI and PPI is a great achievement and it would boost bilateral relations through sharing of news. He said that AGI is the second largest news agency of Italy, established in 1950.

Vice Chief Editor, Foreign Desk, AGI news agency, Maria Teresa Giammentta, said that the agreement between the two agencies would boost image of the two countries through exchange of information.

Amnah Gul Muqri, Secretary General, Italian Development Committee Pakistan, said that relations between Italy and Pakistan are very cordial and both countries are eager to further boost bilateral relations.

The Italian Development Committee, at Karachi has been established by the Ambassador of Italy to Pakistan and Consul General at Karachi, for the purpose of expanding the Network of the Italian Chambers system to Pakistan.

Registered under the Pakistan Companies Ordinance, the Italian Development Committee is actively operating to expand the network to all Government trade departments in Italy and Pakistan, the Chambers of Commerce and the Trade Associations.

The Italian Chambers of Commerce being the main actors in local economies represents all the Italian companies which are extremely important pillars for the various production sectors, both nationally and internally Chambers are classified as local autonomous public bodies by Law n. 580/93 and are the mainstays of a wide network of agencies working with institutions, organizations and associations, providing services, development strategies and projects aiming at promoting a balanced growth of the economy.

The Chambers of Commerce provide data information about businesses, they offer entrepreneurs (farmers, dealers, craftsman, industrialists etc.) the opportunity to know each other and do business. The chambers network plays a key role in the dissemination of Business information, by means of publications, periodicals, magazines, statistics, researches studies, socio-economic analyses, and so on.

The objectives of the Committee for which it is established include promoting the development of trade and commerce between Italy and Pakistan; to represent, express and give effect to relevant opinions of members regarding trade, commerce, finance, industry, agriculture and related questions; to provide channels of communication within the business community and within the Governments of Italy and Pakistan; to set up and sponsor exhibitions and showrooms in Italy and in Pakistan to display and exhibit industrial, agricultural and other products for the benefits of members and other persons interested in or connected with the manufacture or sale of such products and also to assist such exhibitions and shows.

IDC shall create a service welcoming and supplying aid to Italian entrepreneurs arriving in the country to set up businesses, and to Pakistan entrepreneurs to set up business activities in Italy.

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