Pak exports to Italy can swell to $5b annually: Kashif

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Chief Executive Officer Pakistan Furniture Council Mian Kashif Ashfaq Monday said that Pakistan exports to Italy can exceed to US$5bn annually from existing level of US$bn with the active participation of private sector by fully exploiting their potentials timely.

Talking to a delegation of exporters and importers led by honorary Investment Consular and Tourism Ambassador for Italy Muhammad Sheheryar Khan in Lahore, he said the exports to Italy and remittances to Pakistan has touched US$2bn recording highest ever annual growth.

He said Italy posted the highest growth both in workers remittances among all countries with high numbers of Pakistan diaspora and for exporters among the top ten export destinations of Pakistan.

He said this phenomenal growth has been achieved at a time when European economies in general and Italian economy in particular is demonstrating down ward trend and confronted with multiple challenges due to Russian-Ukraine conflict, he added.

He said the value added sectors were the main drivers of the exceptional export growth with exports of plastic products increasing by 208%, sports goods 80% leather 42%, home textile 36% and garments 35% which was possible due to the efforts and initiatives coupled with hard work of Pakistani exporters.

Ashfaq said Italy has become the 3rd largest export destination for Pakistani footwear, 5th in home textiles and 6th in garments exports. He said Ambassador of Italy to Pakistan, Andreas Ferrarese, is a key driving force behind the further cementing trade relations with both countries.

With its unique geo-strategic location and improved security conditions, he further said that Pakistan offers excellent investment opportunities for Italian companies.

With a population of around 220 million and a constantly growing demand for high-end products, Pakistan remains an attractive market for Italian manufacturers and businesspeople.—APP

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