Pakistan and Italy making efforts for revival of economic relations between them with special emphasis on frequent exchange of trade delegations, said Italian Embassy First Secretary Elena De Vito addressing the Faisalabad Chamber of Commerce and Industry (FCCI) on Tuesday, said that an Italian delegation headed by Mrs Deniela Cannizzo of the Confederation of Italian Industries, Rome, was now visiting Faisalabad, which would be followed by another delegation for B-to-B meetings with local entrepreneurs.

Deniela Cannizzo said that Confederation of Italian Industries was a private and it is making efforts to globalize their activities. It has 6,000 companies as its members that were keen to enhance cooperation with Pakistani businessmen and in this connection, direct meetings with local entrepreneurs were necessary.

The Italian government is making serious efforts to increase bilateral trade with Pakistan. During April last year, a Pakistani trade delegation had visited Italy and had very fruitful business-to-business meetings, said Bruno from the ICE Dubai office and a member of the Italian Association of Bank (IBA).

He further added that they were arranging a delegation from Italy that would visit Pakistan and had direct talks for marketing of their products. The Italian Development Committee (IDC) has opened its office in Karachi which would become operational from September.

They are making efforts to attract more Italian companies to come and invest in Pakistan which has become a lucrative destination after Chinese investment in the CPEC and its related projects. The Pakistani entrepreneurs can contact and get any type of information from the IDC. The both countries are already doing business but the volume of bilateral trade was just a peanut of their existing potential.

While, FCCI senior vice-president Syed Zia Alamdar Hussain welcoming the Italian delegation said that the FCCI was the third largest chamber of the country having more than 5,000 members that represent all segments of economy, including textile, agriculture, foundry, food industry, dairy, flour and sugar etc. He said that Faisalabad was known as a textile capital of Pakistan, contributing almost 50 per cent to the total national textile exports of the country.

Currently the trade volume between the two countries is $1.06 billion. Pakistani exports to Italy stands at $618 million whereas Italian exports to Pakistan at $443 million. Hence, the balance of trade was in favour of Pakistan.

He further said that no doubt Faisalabad was known as the textile capital but its textile sector was underutilized and is working with only 50 to 55 percent of its installed capacity. The Italian technology could help them to upgrade their textile sector and utilize its untapped capacity.

As Italy has special expertise in the fields of engineering, alternate energy, agri products, livestock, dairy, processed food, leather, textile, marble etc. There is a need for technology transfer to Pakistan.