Italy has started visa service from Lahore, and the facility would be extended to other major cities of the country very soon.
This was revealed by First Secretary of the Embassy of Italy Augusto Palmeiri while talking to business community at the Lahore Chamber of Commerce and Industry (LCCI) on Wednesday. LCCI President Kashif Anwar appreciated the step taken by the Italian embassy and said it would prove to be a great initiative to enhance bilateral trade.
First Secretary of the Embassy of Italy, Augusto Palmeiri highlighted that Lahore holds special significance as the first city he visited in an official capacity. He emphasised the importance of strengthening the ties between Italy and Pakistan, both in terms of relations and business ventures and fully endorsed the points raised by the LCCI President in his welcome address.
Augusto Palmeiri expressed satisfaction over the visit, considering it meaningful and fruitful. He noted the symbolic significance of opening visa services in Lahore, and said that this is a signal of openness to visitors and business collaborations. He stressed the potential to elevate bilateral trade to new heights, setting an ambitious goal of reaching US$5 billion and pledged continuous efforts towards achieving this objective.
In efforts to enhance trade relations, Augusto Palmeiri mentioned plans for a step-by-step approach, encouraging entrepreneurs to participate in expos and exhibitions in Italy. He extended an invitation to attend upcoming expos, highlighting it as the initial step towards boosting business ties. These events provide opportunities for networking and fostering business-to-business connections, he said and added that significance of political cooperation through initiatives such as MoUs and trade agreements to facilitate trade growth. He mentioned a recent fruitful meeting with the Board of Investment (BoI), emphasizing the potential for Italian investments in Pakistan.
Augusto Palmeiri expressed eagerness to collaborate further and looked forward to working closely to strengthen the relationship between Italy and Pakistan.
Earlier, LCCI President Kashif Anwar said that Lahore Chamber has always kept a strong working relation with the Embassy of Italy. The two organizations signed an MoU in March 2018 and ‘we would certainly like to renew this MoU in the presence of Italian Ambassador to further deepen the mutual ties.’ He said that inauguration of a building in Lahore dedicated to the visa facilitation of businesses and general public is an excellent initiative and hoped that the LCCI members would be facilitated on priority basis. Kashif Anwar said that Italy holds great economic importance for Pakistan as one of the largest economies in the European Union with a GDP in excess of US $ 02 trillion. Italy is an important trading partner of Pakistan in Europe which comes at 8th place among the top exporting destinations for Pakistan.
He added that according to the State Bank of Pakistan’s data, Pakistan’s exports to Italy were around US $ 1.15 billion in 2022-23 while imports from Italy were US $ 527 million in the same period. This essentially means that the volume of bilateral trade volume stood at US $ 1.67 billion.
