The bilateral trade between Italy and Pakistan may swell to €4 billion annually by fully exploiting the existing potential of the private sector, Pakistan Furniture Council Chief Executive Officer Mian Kashif Ashfaq said.

Talking to Honorary Investment Consular to Milano, Italy, Sheheryar Khan, he said both countries need to enhance investments and explore new avenues of business cooperation such as information and renewable technologies in order to achieve the €4 billion goal.

Mian Kashif said Italian Ambassador to Pakistan Andreas Ferrarese is playing a key role in boosting trade relations and strengthening close coordination between the private sectors of both sides.

He said this year’s trade has exponentially grown and can reach around €2 billion, while in 2021 it was recorded at €1.52 billion. Italy is now Pakistan's second-largest export market in Europe as exports from Pakistan have reached €1 billion for the first time and outnumber imports there.

He added that during the last 10 years, the Pakistani community in Italy has grown from 25,000 to 200,000 and, "They are very well accepted by the Italian population as they are hard workers.”

He said that Pakistan and Italy have a long history of cordial relations and cooperation in political, economic, cultural, and social spheres. It is a matter of great satisfaction that the two nations have unanimity of views on several issues of global importance and cooperation in all fields, and they are on the rise, he added.

Muhammad Sheheryar Khan, who is also an honorary tourism ambassador to Italy, said that with a population of around 220 million and a constantly growing demand for high-end products, Pakistan remains an attractive market for Italian manufacturers and business people.

He said it is worth mentioning that remittances from Pakistani workers in Italy have hit an all-time high. With figures of $711.7 million in the fiscal year 2022, Italy has become the seventh-largest center of worker remittances to Pakistan globally and the top one in the EU countries.

Credit : Independent News Pakistan-WealthPk