Pakistan’s textile sector likely to see Italian investments

Pakistan is a safe country for investors and investments, averred Ghulam Murtaza Khan Jatoi, Federal Minister for Industries and Production, Pakistan, during Italian Trade Commissioner Riccardo Monti’s visit to Pakistan. Underlining the significance of Ricardo’s visit to the country, Murtaza further said that the visit by Ricardo reflects Italy’s interest to expand its trade and business relationship with Pakistan. Highlighting the initiative of the present Government to promote trade and investment in the country, the Minister said that Pakistan has become an investor friendly state where import of raw material has been declared duty free and up to 80% of the finished products could be exported to other countries. The Federal Minister also apprised Ricardo that the present Government has taken special measure to provide security to the investors.

Elaborating on Pakistan’s competencies, a statement shared by Ministry of Industries stated, “Pakistan has dedicated National Industrial Parks and Export Processing Zone with special Tax concession where Italian companies can set up their units and also have opportunity to establish their independent units to avail the same facilities.”

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Martaza went on to emphasize on ‘unparalleled’ tax concessions and investment opportunities being offered by Pakistan. While discussing the potential areas to enhance cooperation in various sectors between two countries, he even highlighted that in Pakistan there is the large potential to invest in auto mobile sector, agriculture and textile machinery, power plant and re-fabrications.

Ricardo praised the quality of Pakistan’s textile product and showed his country’s interest to further expand co-operation and investment in textile products and machinery, auto spare parts and components, leather goods, and agriculture machinery. He also offered to open vocational training and educational institutions here in Pakistan to provide technical training to educated youth.