Italian Trade Agency Aims to Revitalize Pakistan’s Industrial Sector for Economic Growth

The Italian Trade Agency has reaffirmed its commitment to helping revitalize Pakistan’s industrial sector by promoting eco-friendly technologies and offering technical expertise aimed at boosting the country’s economic stability and sustainable development. This statement was made by Dr. Salvatore Parano, Director of the Ufficio ICE, Italian Embassy, during a corporate meeting at the FPCCI United Business Group (UBG) Secretariat in Islamabad.

Dr. Parano highlighted the growing importance of tackling climate change, which affects businesses worldwide. He emphasized that Pakistan holds significant potential, especially in the production of Buffalo Mozzarella, a key ingredient in the global pizza industry. He also pointed out that the country’s climate and soil conditions, particularly in Baluchistan and Pothawar, make it ideal for olive farming. The cultivation of olives, along with the potential to produce and export olive oil, could greatly benefit Pakistan’s economy by bringing in millions of dollars in foreign exchange.

The meeting also addressed challenges facing Pakistan’s business climate, including the high cost of doing business due to high energy tariffs and heavy taxation. Zafar Bakhtawari, Secretary General of the UBG, drew attention to how Italy emerged as an industrial powerhouse after World War II, focusing on energy-efficient technologies. He praised Italy’s resilient economy, which remained one of the world’s top economies despite the COVID-19 pandemic. Italy ranks 8th globally in exports, particularly in sectors like automobiles, pharmaceuticals, and electrical machinery.

During the discussions, Waqar Bakhtawari, former President of the Chakwal Chamber of Commerce and Industry, proposed a partnership with the Italian Trade Agency to conduct market research and explore opportunities for promoting Italian brands in Pakistan. He suggested collaboration in areas like cosmetics and pharmaceuticals.

In his closing remarks, Dr. Parano reaffirmed Italy’s leadership in the pharmaceutical sector and noted the growing momentum of e-commerce within the European Union. He assured the Pakistani business community that the Italian Trade Agency would continue to provide guidance, advice, and help introduce Italian companies to explore new opportunities for cooperation in Pakistan.

Ahsan Zafar Bakhtawari, former President of the Islamabad Chamber of Commerce and Industry, expressed interest in exploring further collaboration in sectors such as textiles, surgical instruments, rice, and sports industries.

Dr. Parano concluded by promising to facilitate the introduction of Italian companies to strengthen economic ties between Italy and Pakistan, ensuring a collaborative approach to fostering innovation in Pakistan’s key economic sectors.