It is a good omen that over 40 Italian companies are interested to do business in Pakistan and are looking to explore opportunities in the local market. Italy is the member of G-8 countries, which is a group of the most industrialized nations in the world, and has huge investment in various developing countries across the globe. Many Italian companies have established industrial units in China to manufacture not only electronic goods, but also general items. Italy has also presence in Pakistan and both the countries have been working as economic partners for the last many decades. Pakistan remained one of the biggest importers of Italian made auto rickshaws, compressors and scooters. However, the volume of trade went down during the last some years after China emerged as a new economic power in the region. According to the latest figures, the annual Italian exports to Pakistan is about half a billion dollars and there is a great potential to cooperate in energy, infrastructure, automobiles, agro food, pharmaceuticals and textiles sectors.
At a time most of the industrial countries are passing through a phase of recession, it is good opportunity for the Italian business community to invest in Pakistan which has introduced an open-arms policy for the foreign investors. The Italian direct investment to the country stands at $200 million and it needs to be increased. According to the Italian envoy, it is a great opportunity for the Pakistani businessmen too to take a more structured approach toward the manufacturing sector of his country and try to establish business-to-business contacts with their Italian counterparts. The small and medium-sized enterprises are the backbone of the Italian economy and there is a need to establish close contacts with Pakistani SMEs to usher in a new era of business partnerships and joint ventures. Pakistan is one of the fastest developing country in the world in the field of information technology and both the countries can enjoy the benefits of partnership. The China-Pakistan Economic Corridor will not only connect Pakistan with China, but also with the rest of the world. It will also serve the Italian business community as it will cut the distance of Chinese cities by half.
Pakistan is a land of opportunities and potential exists in various sectors for the Italian businessmen to start joint ventures with local business partners. The government should also devise special policies for the investors, no matter local or foreign, to establish their businesses in the country without coercion and compulsion. For the purpose, the government will have to introduce new labour and tax laws to create attractions for potential investors.