Daily Times

ISLAMABAD: Italian Ambassador to Pakistan Stefano Pontecorvo Wednesday said that over 120 businessmen, investors, delegates and head of leading companies would attend a Pak-Italy business forum in October this year.

Addressing the first-ever Pak-Italy friendship contract signing ceremony between the Agha Steels Industries and Danieli, Italy, he said that the event would help improve trade and investment relations of both the countries.

The ambassador said that this initiative would help in transferring latest technology in the metal industry to boost local production of steel and create more job opportunities. The ambassador reiterated the resolve of his country to double the existing trade volume during the current year, and added that Italy was the 4th largest investor in Pakistan after China, United Arab Emirates and Hong Kong.

He said that the Italian foreign minister, who is on an official visit to Pakistan, was meeting with different stakeholder to promote and develop the bilateral relations of both the countries. The Italian prime minister is also scheduled to visit Pakistan by November this year in order to cement the bilateral political, diplomatic and trade relations between the two countries, he added.

The ambassador said the subsequent meetings would explore bilateral trade and investment opportunities in different sectors of the economy including textile, agriculture, construction and infrastructure development. He said that current volume of trade between both the countries stood at 1 billion euros, which would be extended in order to gain the maximum benefits of bilateral trade and investment.

“We are looking for partnership in different sectors in order to make Pakistan a hub of trade and commerce by collaborating in different sectors of economy,” he said, adding the government of Pakistan was making serious efforts to attract foreign investment by introducing business-friendly policies. To a question, he said Britain’s exit from the European Union (EU) would not affect the relations between EU member states and Pakistan.

Speaking on the occasion, Board of Investment Chairman Miftha Ismail said that Italy and Pakistan were enjoying good trade and commercial relations. He said the government was making efforts for doubling the bilateral trade between both the countries during next two years.