Pakistan posts record trade in the Covid-hit Italian market
Pakistan has posted record trade surplus and export growth in the CoVID hit Italian market, said Pakistan`s Ambassador to Italy, Jauhar Saleem.
Italy has been among the first countries in Europe that were severely hit by the pandemic. Italian GDP fell as low as 9.6% in 2020 which is the highest fall since World War II.
Moreover, Italian imports from non-EU countries declined 14%. However, despite these difficult conditions, Pakistan has not only recovered from the pandemic led export challenges but has registered an impressive growth of 9.1% in FY 2020-21.
While talking to the media, Pakistan`s Ambassador to Italy, Jauhar Saleem stated that Pakistan has posted a trade surplus of $ 300 million which is 49% higher than the previous year.
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The Ambassador informed that Pakistan’s exports to Italy have reached an all-time high i.e. $ 786 million in FY 2020-21. The value-added sectors were the main drivers of this growth, he added.
The trade surplus is a result of export enhancement and import contraction.
While responding to a question, the Ambassador stated that despite the Indian false claim over Basmati`s exclusive Geographical Indication (GI) rights in the EU and Italian market, Pakistan maintained its position as the market leader in rice with 37.4% share whereas India supplied only 12% of the total imported rice in Italy.
He informed the media that Italy hosts the largest Pakistani diaspora in the EU. In FY 2020-21, workers remittances from Italy reached $601 million which is an all-time high figure. It is 66% higher if compared with the annual figure of FY 2019-20 which was $ 369 million.
It has made Italy, Pakistan`s 7th largest destination for workers remittance globally and No.1 from the EU. He expected this growth streak to continue in the FY 2021-22.
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He added that Italy and Pakistan have agreed in principle to negotiate a labour agreement that will give Pakistan comprehensive market access to the Italian labour market.
He informed that Italy had included Pakistan in the Italian Seasonal Work Visa for 2022 which would offer immense opportunity for our labour force working in the agriculture and services sector to come and work in Italy with legal entry mode.
Ambassador further informed Italian firms are investing in energy, food processing, leather, textile, construction and furnishing. He added that the Mission is promoting a Joint Venture model for Italian investment in Pakistan that will help in technology and skill transfer to our businesses.
Once, there is an ease on travel restrictions, there will be an increased number of Italian investor delegations to Pakistan.
He also highlighted the initiatives that the government had taken to promote tourism especially the capacity building of Pakistan`s tourism sector stakeholders through Italian experts.
On the multilateral front, Ambassador Jauhar Saleem informed that Pakistan has been elected President of IDLO for two years which would help in promoting Pakistan`s leading role on different forums along with taking advantage of IDLO`s technical assistance for Pakistan.
