KARACHI: Italy is among the top ten global trading partners of Pakistan and the third amongst the EU member States, after the UK and Germany. Over the years, trade between Pakistan and Italy increased significantly and other economic activities have also grown between the two countries, with a trade exchange amounting in 2011 to over 1.5 billion US dollars. Such sum, although not negligible, is still limited in the light of the potential of both economies.

In fact, the economies of the two countries present a high level of complementarity with Italy being a World leader in sectors such as machinery, automotive, infrastructures, energy, textile, leather, jewellery, fashion, pharmaceuticals, chemicals and agriculture. All areas in which Pakistan has key economic interests. Hence, the scope of bilateral collaboration in the economic sector is endless.

In light of the aforementioned, to further encourage business links between Italy and Pakistan and promote bilateral trade, in the past years the Italian Embassy in Islamabad and the Italian Consulate in Karachi have worked on a dual strategy aiming, on one side at encouraging the creation of an Italian Chamber of Commerce in Pakistan and on the other on launching an economic think-tank that could target business relations at a higher end. Today I am happy to be in the position of saying that in both fields we have obtained some success.

In particular, on one side - we have managed, thanks also to the commitment and vision of Mr. Tariq Sharif Bhatti, a Pakistani businessman who has been trading and investing with Italy and the rest of Europe for the past decade - to create the ITALY PAKISTAN BUSINESS FORUM, that we are officially presenting to you all today. The IPBF is an economic think-tank that aims at enhancing commercial ties and promoting economic relations between Italy and Pakistan and increase connections with the large Pakistani community living in Italy. In fact, over 110,000 Pakistanis are currently in Italy, mostly in the area of Milan and Rome. Many of them have created successful businesses and are now looking back at Pakistan for re-investing in their home-country. The IPBF could act as a bridge between the local and Italian business communities, also through the support of the Pakistani-Italians.

The ambition is to make this event a yearly appointment – to be organized on a rotational basis in Pakistan and Italy- aimed at tackling major bilateral trade issues.

Our effort is also leading to the creation of an Italian Chamber of Commerce in Pakistan, through the up-grading of the Italian Development Council (IDC) in Karachi, which has undergone, in the past years, the procedures for the official recognition from the Pakistani and Italian authorities. While the procedure under Pakistani law was completed some time ago, the accreditation from the Italian Ministry of Economic Development is still in process. We estimate that it should be completed soon.

The new Italian Chamber of Commerce will operate through a network of branch-offices in major Pakistani cities. Apart from Karachi and Multan, where structures are already in place and have been working successfully for the past years, also Lahore, Sialkot and Gujarat are already in the process of completing their infrastructures.

We believe that the key to success for such a network lies on two factors: autonomy and coordination.

Autonomy is the engine to make single branches responsible, ensure adequate financial resources, guarantee effectiveness and encourage sound activities that will concretely enhance bilateral trade between Italy and Pakistan.

Coordination is pivotal to – first of all - comply with the Italian legislation on the institution of chambers of commerce abroad, but also fundamental to avoid duplication of efforts, share best-practices and know-how, promote dialogue among economic and financial actors all over the country, circulate information on commercial opportunities, ensure greater benefits for the entire network, offer to members of the chamber a more comprehensive package of services.