Italy signs 6 MoU with PBIT for promotion of bilateral commerce and trade

Italian Ministry of Economic Development, Ivan Scalfarotto during his visit of 60 member delegation has inked with the Punjab Board of Investment and Trade (PBIT) six Memorandum of Understandings (MoU for promotion of bilateral commerce and trade between the two nations.

The Italian Textile Manufacturing Association signed three separate MoUs with All Pakistan Textile Mills Association (APTMA), Pakistan Hosiery Manufacturing Association (PHMA), and Pakistan Readymade Garment Manufacturer and Exporters Association (PRGMEA).

Besides, Italian Foreign Trade Association signed two separate MoUs with Lahore Chamber of Commerce and Industry, and Faisalabad Chamber of Commerce and Industry (FCCI) and National Association of Italian Footwear, Leather Goods and Tannery Machines Accessories with Pakistan Footwear Manufacturers Association.

This Italian business delegation, comprising 60 representatives of over 40 companies and business associations is participating in Pakistan-Italy Investment and Business Forum organized by PBIT.

Speaking at the Forum, Punjab Finance Minister, Dr Ayesha Pasha said that visit of Italian businessmen in the leadership of their government representative was a proof of economic progress of Pakistan and trust of foreign investors in the better investment environment in Punjab.

She said that the MoUs with Punjab-based Chamber of Commerce and textile and footwear sectors possessed the trust of these Italian counterparts in Pakistanis counterparts and showed their keenness to explore Pakistani potential.

Speaking on the occasion, Minister for Industries Sheikh Allauddin said that it was indeed encouraging that a high-level business delegation of Italy was currently visiting Pakistan with a committed aim, to explore investment opportunities in Pakistan, apart from enhancing trade volume between the two countries.

This commitment validates the fact that Pakistan is politically and economically a very sound country and investors see it as a place where their investment is secure.

Italian business community and investors have expressed satisfaction over the business environment in Pakistan, which is conducive for foreign investment.