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 primary time that Pakistan’s exports are greater than imports in Italy.
According to the Ambassador of Italy to Pakistan, Andreas Ferrarese, though world trade shrank in the course of the Covid-19 pandemic, Pakistan’s exports to Italy in 2021 grew by 22.1%, with a complete worth of €763.51 million. In the identical interval, Italian exports to Pakistan noticed a rise of 48.6%, with a complete worth of €754.06 million. The trade volume in Jan-Feb 2022 stood at €289.37 million in contrast to €203.41 million throughout the identical yr in 2021.
With its distinctive geo-strategic location and improved safety situations, the Ambassador additional mentioned that Pakistan presents glorious funding alternatives for Italian firms. With a inhabitants of round 220 million and a continually rising demand for high-end merchandise, Pakistan stays a sexy marketplace for Italian producers and businesspeople.
It is price mentioning that remittances from Pakistani staff in Italy hit an all-time excessive. With the figures of $711.7 million in FY22, Italy has turn into the seventh-largest middle of employee remittances to Pakistan globally and the highest one within the EU international locations.
Moreover, Italy is house to greater than 150,000 Pakistanis, the biggest Pakistani diaspora in Europe (after Brexit). Engaged in varied manufacturing sectors in Italy, they proceed to contribute to each international locations’ economies.
He additional acknowledged that Italy is among the many prime ten exporting international locations for Pakistan globally and the third largest trade associate in European Union.
Apart from enterprise and trade, Italy has carried out vital tasks in archaeology, agriculture, well being, tradition, and tourism. Italy’s Archaeological Mission is among the oldest current missions in Pakistan and has made vital contributions to Pakistan’s already wealthy archaeological sphere.
The Embassy of Italy in Islamabad is dedicated to boosting industrial ties between the 2 international locations. The Ambassador knowledgeable that each international locations ought to discover all of the doable avenues specializing in agriculture, equipment, textiles, and tourism.
Bilateral trade volume between Italy and Pakistan has exponentially grown to €1.52 billion & More Latest News Update
Bilateral trade volume between Italy and Pakistan has exponentially grown to €1.52 billion & More Live News
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Bilateral trade volume between Italy and Pakistan has exponentially grown to €1.52 billion & More News Today
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