ISLAMABAD: The ambassador of Italy has announced the opening of the office of Italian Trade Agency (ITA) in Islamabad.

The ITA was created over 100 years ago with the mission to promote trade with other countries. The agency provided technical support in trade strategies, providing data, organising missions and promoting investments.

“It’s a great enrichment for our embassy,” said Ambassador Andreas Ferrarese, appreciating old and new friends of the embassy for joining him and his staff at the formal opening of ITA. The announcement came at a reception hosted at the Italian residence.

In his introductory remarks, ITA Director Salvatore Parano informed guests that Italy was in good place due to its robust and growing trade.

“Pakistani exports to Italy are increasing at a significant rate, more than $1 billion of exports going to Italian market,” he said.

For Pakistani entrepreneurs, Italy is a success story as far trade is concerned, he said. However, Mr Parano added that the most important source of international income for Italy was technology. “In Italy, Italian entrepreneurs sell technology and then technology and then technology and eventually we have furniture and fashion,” he said.

Elaborating on reasons for success, he said compared with other trade giants, Italy brought to the table super diversified army of small businesses – 250,000 roughly, geographically integrated in small areas – industrial districts, each bringing $1 billion to $6 billion business.

He also introduced the concept of global value chain which he said represented more than two third of international trade to which Italy attached significant importance and Italian companies were well connected with it.

“Apart from fashion, food, Ferrari, Lamborghini, Italians do things with technology, and this technology is available for the Pakistani businessmen and counterparts,” said Mr Parano.

He extended support of the Italian government and financial institutions to Pakistani businesses as he invited them to the world events to gain access to international markets.

“You have to imagine Italy as probably the largest super market on Earth for technology solutions. Any economy diversification you may promote in Pakistan may find in Italy solutions. We are now the sole providers of handling and tailor-made technological solutions that Pakistan may need,” said the ITA director.

Published in Dawn, November 10th, 2023