Steel industry recently came in the limelight when the Ambassador of Italy to Pakistan, Stefano Pontecorvo, recently addressed the first ever Pak-Italy friendship contract signing ceremony between Danieli Italy and Agha Steel Industries Pakistan.
During his address, the Ambassador gave good news that a convoy of 120 delegates including businessmen, prominent investors, heads of major companies and other delegates are expected to attend a business forum in Pakistan. This major event is expected to be held in October this year. This platform would pave way to enhance bilateral trade and nurture investment avenues between Pakistan and Italy.
Agha Steel and Danieli Italy Contract
Agha Steel, being one of the prominent players in rebar production in the country joined hands with Danieli Italy to develop the largest melting furnace in Pakistan. The Italian counterpart is the leader in engineering technology and machinery supply to the metal industry. This contract includes complete melt shop enhancement including reconstruction of the Electric Arc Furnace (EAF) and a new fume treatment plant.
This deal will enable the metal industry to adopt high-grade technology and enhance its efficiency of metal production while creating more job opportunities.
Advanced technological systems will be transmitted and aid in producing highest quality deformed steel rebars. This agreement will help the two countries to embark on a new journey of cooperation. Pakistan will benefit significantly from this project by meeting high demand of steel due to the ongoing CPEC projects.
Enhancing bilateral trade between Pakistan and Italy
The government of Pakistan and the investment board is gearing up efforts to double the trade volume between Pakistan and Italy over the next two years. However, the ambassador believes this target could be achieved within a year considering Pakistan’s massive trade potential. Ties between the two countries should strengthen further since Italy is the fourth largest investor in Pakistan after China, UAE and Hong Kong.
Shedding some light on the prospects, he said that the foreign minister of Italy was on an official visit to Pakistan. He will be meeting with various stakeholders to explore and advance bilateral relations. The Prime Minister of Italy has scheduled his visit to Pakistan by the end of this year to toughen the trade, diplomatic and political ties between the two countries.
Pontecorvo also stated other follow up sectorial meetings are also due in order to boost trade in other industries such as textile, agriculture, construction and infrastructure development. Additionally, agriculture machinery manufacturing, mining, Information and communication technology and leather products are other sectors where mutual projects could be started.
The current trade volume between Italy and Pakistan stands at Euro 1 billion which would be increased significantly based on the above mentioned investment plans. He also clarified that the recent exclusion of Britain from the European Union would not affect the relations of EU nations and Pakistan. He further quoted:
“We are looking for partnership in different sector in order to make Pakistan a hub of trade and commerce by collaborating in different sectors of economy”
He praised the efforts of Pakistani government to attract foreign investment by initiating investor-friendly policies and giving a transparent picture of local market trends which is boosting investor confidence.
Source: dunyanews.tv / image credit: TheFortress
