Italy has invested in different sectors recently in Pakistan: Ambassador Andreas Ferrarese

Covert

Islamabad: Ambassador of Italy to Pakistan Andreas Ferrarese said this week that Italy had invested in the sectors of food processing, chemicals, construction, leather, footwear, energy-related equipment and Information Technology in the recent months.

He said Italy and Pakistan relations have fostered fast-growing cooperation in diverse areas, including trade and investment.

Ambassador Ferrarese said that with the record increase in remittances during the last three years, Italy had become the largest contributor to this financial sector within the European Union. In 2021-22, around 25 percent of the total Pakistani workers’ remittances from the EU came only from Italy, he added citing reports.

The envoy said that in the wake of Brexit, Italy is home to the largest Pakistani diaspora in the European Union (EU).

The Ambassador said Pakistan and Italy were also working on a labour agreement that will allow Pakistan comprehensive market access to the Italian labour market. Pakistan has shared a draft agreement with the Italian authorities and formal negotiations are likely to commence soon.

He underlined that Pakistan has been re-included in the Italian Seasonal Work Visa since 2021. Italy is expected to allow 69,700 seasonal workers from select countries in 2022 to come to Italy for work, he maintained.

The 200,000-strong Pakistani diaspora in Italy is also an important manifestation of the eternal bonds of friendship between the two countries, Ambassador Ferrarese said.