Islamabad: Italy’s Foreign Ministry on Tuesday congratulated the nation’s new Ambassador to Pakistan Marilina Armellin.
“Congratulations to Marilina Armellin new ambassador of Italy to Pakistan,” the foreign ministry said in a post on X.
The new Ambassador, who arrived in Islamabad over the weekend, said in a statement that she was “proud to represent Italy in Pakistan, a land with a millennial history and a future full of opportunities and challenges, in a region that is strategic to global equilibria.”
She added: “I will leverage the well-established bilateral relations and the Pakistani community in Italy – the largest in the European Union – and its many entrepreneurs, workers and students to harness even further the growth potential of our relationship.”
Italy and Pakistan are historic friends and the new ambassador is expected to move ahead comfortably to achieve her goals.
In the ongoing Pakistani Financial Year, the trade partnership between Italy and Pakistan has reached a significant milestone, marking Italy as a billion-dollar market for Pakistani exports. Despite the challenges posed by the health emergency, Italy has become the second-largest European destination for Pakistani goods.
Italy has actively invested in Pakistan, supporting various initiatives. Through the Pakistan Italian Debt for Development Swap Agreement, Italy has contributed a substantial $100 million for social development projects in health, education, and sanitation.
The Italian government has pledged a $10 billion credit line to facilitate Italian investors entering Pakistan. Italy also supports Pakistan’s efforts to secure a free trade agreement with the European Union.
Over the past few decades, Italy has consistently shown a strong interest in the Pakistani market, becoming one of its top ten global trading partners and the second-largest among EU member states. Despite steady growth in trade, the balance remains in favor of Italy, with Pakistani exports benefiting from the Generalized System of Preferences-Plus Scheme.
Pakistan, positioned as a pivotal player in Asia with significant economic potential, maintains robust cooperation with Italy, aiming to leverage Italian technologies and expertise for mutual benefit.
Italy’s exports to Pakistan in Financial Year 2022 amounted to 519.39 million euros, reflecting a growth of 24.2% compared to FY21. This increase underscores a resilient trade relationship and a rising demand for Italian goods in the Pakistani market.
Key exports include boilers and machinery, pharmaceutical products, iron and steel, electrical machinery, and organic chemicals.
Italy’s imports from Pakistan in FY22 totaled 1,021.88 million euros, marking a notable increase of 54.2% compared to the previous fiscal year. This surge highlights a significant growth in imports from Pakistan to Italy, showcasing an expanding trade relationship. Top imports encompass textiles, cereals, beverages, plastic and articles, and raw hides and skins.
Despite global market challenges, the trade relationship between Italy and Pakistan remains substantial, with consistent trade flow and cooperation between the two nations.
In Financial Year 2021, Italy’s imports from Pakistan slightly increased by 0.5% compared to Financial Year 2020, emphasizing the resilience of the trade dynamics between the countries.