According to Pakistan’s Ambassador to Italy, Jauhar Saleem, Italy is on track to become a $1 billion export market for Pakistan this year.
During a Zoom interview with the media, Saleem revealed that Pakistan had a trade surplus of $372 million in the fiscal year 2021-22 (July-March), up 65 percent from the previous year.
Despite the challenging circumstances caused by the epidemic, Pakistan’s economy grew by 41 percent in FY 2021-22 (July-March) compared to the previous year.
During the first nine months of current fiscal year, Pakistan’s exports to Italy reached an all-time high of $805 million, according to the Ambassador.
The value-added sectors were the key drivers of this growth, which resulted in a $372 million trade surplus. In FY 2021-22, Italy is predicted to be a $1 billion export market for Pakistan.
In response to a question, the Ambassador stated that, despite India’s false and fabricated claim to exclusive Geographical Indication (GI) rights in the EU and Italian market, Pakistan remained the market leader in rice export to Italy, with a 38 percent share, while India supplied only 12 percent of total imported rice in Italy. He also mentioned that, as a result of Brexit, Italy now has the largest Pakistani diaspora in the EU (EU).
Workers’ remittances from Italy reached $639 million in FY 2021-22 (July-March), an all-time record and a 48 percent rise over the previous year, becoming Italy Pakistan’s largest source of remittances in the EU and the seventh largest in the world.
He predicted that the upward trend would continue in the fourth quarter of this fiscal year, bringing remittances from Italian employees to over $1 billion.
Ambassador Saleem underlined the numerous ongoing activities in the areas of investment, industrial, and technological cooperation, and stated that Italian enterprises were interested in investing in the industries of energy, food processing, leather, textile, construction, and furnishing.
He went on to say that the embassy was supporting the JV model for larger Italian investment in Pakistan, which would aid in the transfer of technology and expertise to our companies.
He also emphasised tourist activities, particularly in terms of boosting Pakistan’s tourism sector’s capabilities through Italian specialists.
Ambassador Saleem further mentioned that Pakistan and Italy are working on a labour deal that will grant Pakistan full access to the Italian labour market.
He stated that Pakistan had shared the draught agreement with Italian officials and that formal negotiations would begin soon.
To read our blog on “Pakistan-Italy three-week long training activity for remote communities on Youth, Health & Nutrition and IT for Education ends today,” click here.
