Islamabad: Italian Ambassador to Pakistan Stefano Pontecorvo has given some hope to Pakistan consumers, saying Fiat is viewing Pakistan as “the next possible investment destination.”
The Pakistani government is looking to invite another international carmaker to the current fold of just three to increase investment in the country.
On Thursday, the envoy called Finance Minister Senator Mohammad Ishaq Dar and discussed matters of mutual interest in the fields of trade and investment.
He said that the renowned car maker was exploring Pakistan as an option because the country has an ample supply of cheap labor and the potential to be a regional export hub. “Pakistan provides significant trade links ranging from China in the east to Lebanon in the west and the entire central Asian region.”
Italy’s Fiat made a brief foray in the 1990s but failed to gain a foothold before the financial crisis forced it to exit.
Pontecorvo said Pakistan’s transport, textile and energy sectors hold vast opportunities to expand mutual trade.
He informed the minister that a delegation of Italian business people would visit Pakistan early next year to establish contacts with the business community.
“Italian businessmen closely follow the Pakistani market and products and appreciate the skills and talents available in the country.”
Pontecorvo said that Italy was also reopening its Trade Commission in Karachi while reinforcing its Trade Office in the Embassy better to cover other cities such as Lahore and Sialkot.
Dar appreciated Pontecorvo’s plans for improving economic and business ties between the two countries. He assured the envoy that Pakistan would provide full opportunities and incentives to Italian business people interested in investing in Pakistan.
“We want to diversify our exports and find new partners for doing business. I believe that Pakistan has a lot of potential to promote itself, and Italy is one country that provides excellent business opportunities,” said Dar.
