Italy keen on bilateral trade and investment

Mulatan: Italian Ambassador Dr Vincenzo Prati has stressed the need for promotion of bilateral trade and investment between Italy and Pakistan in different sectors like manufacturing of heavy machinery, power generation machinery, chemicals, dairy, telecommunication, furnace oil, and pharmaceutical products.

Addressing Multan Chamber of Commerce and Industry (MCCI) executive committee meeting, chaired by Jalaluddin Roomi here on Friday, he said that Italy was buying cotton, cotton yarn, fabrics, readymade garments, leather tanned, leather gloves, footwear, metal manufactures, rice, engineering goods, fruits, cutlery, oilseeds, nuts and kernels, gold jewellery and vegetables worth $58.833 million while in exchange it exports high speed diesel, kerosene oil, transport vehicles, telecommunication appliances/equipment, power generating machinery/equipment, paper and paper board and pharmaceuticals.

He said that trade and financing can be increased by promoting business, tourism, exchange of delegations. Muhammad Yousaf said that MCCI would organise a musical night in the historical old fort in the last week of March or first week of April this year and Ambassadors of different countries would be invited to it.

Upon this the Italian Ambassador and his wife consented to attend it. He said that similar function was organised in the past which was attended by ambassadors of 23 countries.

A Memorandum of Understanding (MoU) was signed between the Multan Chamber of Commerce & Industry (MCCI) and Italian-Pak Chamber of Commerce & Industry (IPCCI). Jalaluddin Roomi signed on behalf of MCCI while Ettore Mazocchi signed for IPCCI in a simple ceremony at Multan Chamber.

The MoU was formalised to market analyses and identification of investment and trade opportunities benefiting, reports on specific sectors for mutual trade development, assistance in developing market entry strategies both in Italy and Pakistan, identification of suppliers and importers both in Italy in Pakistan, identification and selection of industrial and financial partners for joint ventures, sharing of corporate and financial information on potential partners, organisation of individual fact-finding meetings in Italy and Pakistan, dossiers on the existing laws, tax system and on the import duties, interpretation, translation and Italian language courses, customised Italian language courses for companies.

Ettore said that Italian-Pak Chamber of Commerce and Industry is a non-profit organisation recognised by the Italian Government, whose main objective is to promote and enhance trade and economic relations between Pakistan and Italy.

The IPCCI intends to play an active role in organising product exhibitions and international trade fairs, B2B meetings, seminars, conferences and round tables to promote knowledge sharing between the two countries.

The Chamber also co-ordinates and manages business and institutional delegations which stimulate both Italian and Pakistani markets. It is mainly due to these activities that the Chamber has developed strong ties within Pakistan and in Italy mainly with sectoral associations, public and governmental bodies and well known personalities within the industrial and local media sectors. Both partners MCCI and IPCCI recognise that its work extends beyond the office: They recognise the prime importance of personal interaction in all bilateral relationships.

To this end, both intend to organise a wide range of events to both facilitate and promote such interaction in the most favourable locations and ambience. Both Chambers will encourage the extensive programme of conferences, seminars, roundtables, business delegations and participation in international exhibitions in order to foster reciprocal knowledge of the two countries and to assist and promote bilateral business relations.

Roomi in his address of welcome said that Multan is a city of saints, preserves its folds immense heritage, rich culture, a