ISLAMABAD: Despite the fact that the Covid-19 outbreak had hit the Italian market, Pakistan’s exports to Italy increased by 49% year on year to $786 million in the previous fiscal year 2020-21.
According to a statement released by the embassy and shared with the media, Pakistan achieved a trade surplus of $300 million, which is 49 percent greater than the previous year’s total.
Italy was one of the first European countries to be badly affected by the pandemic. In 2020, Italy’s GDP dropped by 9.6%, the steepest drop since World War II. Furthermore, imports from non-EU nations fell by 14% in Italy.
Despite these difficult circumstances, Mr Saleem stated that Pakistan has not only recovered from the pandemic-related export issues, but has also shown exceptional growth throughout the period under consideration.
He went on to say that the value-added sectors were the key drivers of this expansion. Export expansion and import contraction have resulted in a trade surplus.
Despite India’s bogus claim to exclusive Geographical Indication (GI) rights in the EU and Italian markets, Ambassador Saleem noted that Pakistan remained the market leader in rice with a 37.4 percent share, while India provided only 12 percent of total imported rice in Italy.
Italy hosts the largest Pakistani diaspora in the EU. In FY21, workers’ remittances from Italy reached $601 million, which is an all-time high figure. It is 66pc higher when compared with the annual figure of FY20 that was $369m.
It has made Italy the world’s seventh-largest recipient of remittances from Pakistani workers, and the first from the EU. Ambassador Saleem predicted that this upward trend will continue in FY22. He said that Italy and Pakistan had reached an agreement in principle to develop a labour deal that would grant Pakistan full access to the Italian labour market. Pakistan has been included in the Italian Seasonal Work Visa for 2022, according to him, which will provide a huge chance for “our labour force operating in agriculture and services sectors to come and work in Italy with legal entry mode.”
Italian companies are also investing in energy, food processing, leather, textiles, construction, and furniture, according to the ambassador. The Pakistani embassy, he said, is supporting a joint venture model for Italian investment in Pakistan, which will “assist in technology and skill transfer to our businesses.”
Once the travel restrictions are lifted, he claims, there would be a surge in Italian investors visiting Pakistan. He also emphasised the efforts made to boost tourism, particularly the capacity building of Pakistan’s tourism sector stakeholders by Italian specialists.
On the multilateral front, Ambassador Saleem stated that Pakistan was chosen president of the International Development Law Organization for a two-year term, which will benefit in promoting Pakistan’s leadership role in many forums as well as utilising IDLO’s technical assistance.
Source: www.dawn.com