Ambassador Andreas Ferrarse plays a key role as Pakistan’s earning from Italy in exports cross $2 billion

Islamabad: Italy’s Ambassador Andreas Ferrarse is playing a key role as Pakistan’s earnings from Italy in exports have crossed $2 billion in Financial Year 2021-2022.

In addition a substantial growth in FDI from Italy was also witnessed during the record breaking year.

Italy became the seventh billion dollar export country for Pakistan during the year with a record growth of export volume to $1,146 million, while the remittances from Italy were also on the path to touch billion dollars soon with a total of $857 million during the year.

June 2022 also set the record for highest export volume ever to Italy in a single month crossing $144 million.

Italy posted the highest growth both in workers remittances among all countries with high numbers of Pakistani diaspora and for exports among the top ten export destinations.

This phenomenal growth in exports and remittances has come at a time when European economies in general and Italian economy in particular is slowing down and facing multiple challenges due to Ukraine war.

The exports to Italy of $1.15 billion in FY 2021-22 are 46% higher than the previous year, while the remittances are 41% higher for the same period than the last year.

Ambassador Andreas Ferrarse has been holding meetings with the Pakistani officials and businesspersons to boost the trade ties.

Meanwhile, Pakistan`s Ambassador to Italy, Jauhar Saleem paid glowing tributes to the Pakistani exporters for their initiative and hard work and to the Pakistani diaspora in Italy for standing by the country in a most challenging economic environment. He also shared that Pakistan had posted a record trade surplus of $573 million during the financial year 2021-22 which is 91% higher than the previous year.

According to the envoy, the value added sectors were the main drivers of the exceptional export growth with exports of plastic products increasing by 208%, sports goods 80%, leather 42%, home textiles 36% and garments 35%. The ambassador also shared that even as the pandemic hit global footwear market witnessed a contraction of shrank demand during the year, Pakistan’s exports of footwear to Italy increased by 19% in the year and Italy has become the 3rd largest export destination for Pakistani footwear. Italy is also the 5th largest destination for Pakistani home textiles and ranks No.6 in garments exports.

Ambassador Saleem also informed that that with the revival of market activities after removal of pandemic related restrictions in Italy, the Pakistan Embassy in Italy was further pacing up its activities to connect Pakistani businesses with Italian firms to sustain the exports and FDI growth. During the just concluded financial year, Pakistan received Italian investment in the sectors of food processing, chemicals, construction, leather, footwear, energy related equipment and IT.

The Ambassador also shared that some of the recent joint ventures between leading Pakistani and Italian footwear firms were enabling technology transfer, international marketing skills and supply chain management to Pakistani firms. Moreover, Italy was also providing technical support in agriculture sector especially related to olive and olive products. Similarly, Italy is supporting the efforts for reduction of risks of Glacial Lake Outburst Floods (GLOF) and hydrogeological hazards in mountainous areas by establishing an evidence-based assessment and monitoring system for glaciers in Gilgit Baltistan.