ROME, Sept 27: Pakistan will make a major attempt to attract investment when President Pervez Musharraf addresses an elite business conference at Hotel St Regis Grand here on Tuesday.
Some 200 Pakistani and Italian businessmen - big names in international business - will gather together to see a presentation that will be preceded by an introduction by Mr Waseem Haqqie, chairman of the Board of Investment.
Others to address the conference will be State Bank Governor Dr Ishrat Husain, Minister for Investment and Privatization Dr Hafiz Seikh and Italian Minister for Productive Activities Antonio Merzano.
The idea behind the conference is to involve Italy in Pakistan's economic development, with the emphasis on infrastructure development, in a big way. Italy, which was involved in the construction of the world's biggest earth-filled dam, Tarbela, and later Ghazi Barotha, has lately been quite shy of investing in Pakistan. The average Italian FDI has been less than a million a year for the last many years.
Pakistani government and business sources said the detente with India and Pakistan's crucial role in the US-led war on terror have served to imporve the chances of Italian investment in Pakistan.
After the president's address is over, special Pakistan-Italian groups will get together sector-wise. Pakistan hopes to get Italian investment in defence industry, mining - especially marble granite - gems and jewellery, chemicals, information technology, besides infrastructure.
Pakistan also seeks Italian investment in agriculture with a view to improving the per-acre yield and the quality of crops. Italians also specialize in mineral waters. Pakistani sources said Italian investment should come in a big way because Islamabad offers the same benefit to foreign investors as to its own business.
The volume of trade between Pakistan and Italy is low - $767 million annual, with Pakistan's exports amounting to $454 million, mostly cotton fabrics, leather, synthetic textiles, rugs and carpets, cutlery and crockery. Imports include machinery, pharmaceuticals, paper and paper products.
Those attending the conference include ENI, which is a success story in Pakistan, IBM Italia, and textile giant Maxco. From Pakistan are virtually major business groups, including Mansha, Younis Textile, Raja Group, Alitalia, Akbar group of industries, Hawshwani, Wah Ordnance Factories, Fauji Foundtion, Tapal, Pak Oman Investment, Pak Denim and host of others.
President Musharraf is scheduled to meet Italian President Carlo Campi on Tuesday and Prime Minister Silvio Berlusconi on Wednesday and the Pope at the Vatican on Thursday.
