Italian CG for promoting bilateral trade ties

Consul General of Italy in Karachi Fabrizio Bielli emphasised the need to enhance bilateral economic, trade, and investment relations between Italy and Pakistan, setting an ambitious yet achievable target to double the existing trade volume to at least US$3 billion in the coming years.

Speaking during his visit to the Karachi Chamber of Commerce & Industry (KCCI), Fabrizio Bielli highlighted the vast opportunities that exist, particularly in Karachi, which he described as a city of immense economic potential.

“There is significant untapped potential in various sectors, including energy, agriculture, water recycling, and industrial machinery,” said Italian CG. Italy is a global leader in producing high-quality machinery for the textile sector, as well as, advanced medical equipment, including incubators for newborns. We are in a strong position to support Pakistan in addressing its growing healthcare infrastructure needs, he said.

Senior Vice President Zia ul Arfeen, Vice President Faisal Khalil Ahmed, Chairman Diplomatic Mission & Embassies Liaison Subcommittee Ahsan Arshad Sheikh, former President Majyd Aziz, and Abdullah Zaki, along with KCCI Managing Committee Members were also present.

Having taken charge as Consul General just two months ago, Fabrizio Bielli expressed his keen interest in exploring Karachi’s economic landscape and its potential for future collaboration.

There are promising prospects in the pharmaceutical sector as well,“ he noted. “We should work towards creating joint ventures to manufacture Italian pharmaceutical products in Pakistan.” To support this objective, he advised KCCI to develop and share a comprehensive sectoral requirement report three times a year. “This document would help us channel key insights to the relevant sectors in Italy, enabling Italian institutions and businesses to better understand the opportunities available in Karachi and across Pakistan,” he said.

He also encouraged KCCI members to leverage the services offered by the Italian Trade Promotion Section at the Consulate, which has been actively working to boost bilateral trade and investment, with a particular focus on supporting small and medium-sized enterprises.

“More than just a window, a door is open at the Italian Consulate for promoting trade and investment ties,” Bielli affirmed.

“Let’s work together to identify opportunities and strengthen economic and commercial relations between our two countries.”

Senior Vice President KCCI Zia ul Arfeen pointed out that the EU has consistently been Pakistan’s largest export destination, surpassing the $8 billion mark in FY24. In contrast, Italy has emerged as a significant trading partner for Pakistan in the European Union.

“The bilateral trade volume between the two countries crossed $1.6 billion in FY24, with the balance of trade favouring Pakistan. Out of which, Pakistan’s exports to Italy have reached $1.12 billion in FY24.”

Zia ul Arfeen believed that the recent hike in US tariffs has triggered global economic and trade concerns. Pakistan sees this not just as a challenge but as an opportunity to strengthen ties with its strategic and trade partners, and approach the matter with a comprehensive plan and measured response.

“This is also an opportunity for Pakistan and Italy to find ways and explore avenues to pursue economic diplomacy to enhance bilateral trade and boost exports between the two countries,” he added.

Underscoring the need to learn globally renowned Italian brands, he said that by adopting global best practices such as the circular economy, water treatment, and renewable energy, Pakistan can significantly enhance the sustainability of its textile sector, improve productivity, and boost product quality.

“Pakistan and Italy can also work together to bring advanced engineering & design expertise into the local automotive industry.”

He said that Pakistan’s strategic location, a GDP of $374 billion, a population of 241.49 million, and rich natural and energy resources, make it a prime destination for global business and trade. It has over 1,000 km coastal belt, stunning tourist attractions, and special economic zones under the China-Pakistan Economic Corridor (CPEC) enhance this appeal.

“The Special Investment Facilitation Council (SIFC) targets sectors like mining, energy, agriculture, IT, and tourism through a one-window facility. Thus, Italian companies can seize investment opportunities in CPEC & SIFC, which are the tools for regional economic transformation”, he said, adding that both countries can develop public-private partnerships in tourism, enhance hospitality services, & launch joint campaigns to attract more international visitors, driving growth and boosting revenue.