Pakistan, Italy target $3bn trade goal in coming years

Rome: Pakistan and Italy have set an ambitious target to double their bilateral trade volume to at least $3 billion in the coming years, according to Consul General of Italy in Karachi, Fabrizio Bielli.

Speaking at the Karachi Chamber of Commerce & Industry (KCCI), Bielli emphasized the vast economic opportunities in Karachi, describing the city as one of immense potential.

“There is significant untapped potential in various sectors, including energy, agriculture, water recycling, and industrial machinery,” he noted.

Bielli, who took office as Consul General just two months ago, highlighted Italy’s position as a global leader in producing high-quality machinery for the textile sector, along with advanced medical equipment like incubators for newborns.

He expressed Italy’s willingness to support Pakistan in addressing its growing healthcare infrastructure needs, as per the press release issued today.

“We are in a strong position to support Pakistan in these areas,” Bielli added.

The event was attended by senior KCCI officials, including Senior Vice President Zia ul Arfeen, Vice President Faisal Khalil Ahmed, Chairman of the Diplomatic Mission & Embassies Liaison Subcommittee Ahsan Arshad Sheikh, Former President Majyd Aziz, and other members of the KCCI Managing Committee.

Bielli expressed his keen interest in exploring Karachi’s economic landscape and potential for collaboration, specifically highlighting opportunities in the pharmaceutical sector.

“We should work towards creating joint ventures to manufacture Italian pharmaceutical products in Pakistan,” he said, stressing the need for greater cooperation between the two nations.

To further these objectives, Bielli advised KCCI to develop and share a sectoral requirement report three times a year.

This report would provide valuable insights for Italian institutions and businesses, helping them better understand the opportunities available in Karachi and across Pakistan.

He also encouraged KCCI members to utilize the services of the Italian Trade Promotion Section at the Consulate, which focuses on boosting bilateral trade and investment, particularly for small and medium-sized enterprises.

“More than just a window, a door is open at the Italian Consulate for promoting trade and investment ties,” Bielli stated, urging both sides to work together to identify opportunities and strengthen economic and commercial relations.

Zia ul Arfeen, Senior Vice President of KCCI, highlighted the growing significance of Italy as a trading partner for Pakistan within the European Union.

“The bilateral trade volume between the two countries crossed $1.6bn in FY24, with Pakistan’s exports to Italy reaching $1.12bn,” he pointed out, noting that the balance of trade is favorable to Pakistan.

Zia also emphasized the global economic challenges posed by the recent increase in US tariffs.

He viewed this as an opportunity for Pakistan to strengthen its ties with strategic trade partners like Italy and explore new avenues for economic diplomacy.

“This is also an opportunity for Pakistan and Italy to explore ways to boost exports and enhance bilateral trade,” he added.

Zia further stressed the potential benefits of adopting globally renowned Italian brands and practices, such as the circular economy, water treatment, and renewable energy, to enhance the sustainability of Pakistan’s textile sector.

“By incorporating Italian engineering and design expertise, we can significantly improve the local automotive industry,” he stated.

Highlighting Pakistan’s strategic advantages, Zia noted the country’s robust GDP of $374bn, a population of 241.49m, and vast natural resources.

“Pakistan’s coastal belt, special economic zones under the China-Pakistan Economic Corridor (CPEC), and the Special Investment Facilitation Council (SIFC) make it an attractive destination for global business and trade,” he said.

He encouraged Italian companies to seize investment opportunities in CPEC and SIFC, focusing on sectors like mining, energy, agriculture, IT, and tourism.

Additionally, he suggested that both countries collaborate on public-private partnerships in tourism and hospitality to drive growth and attract more international visitors.